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Saving for the down payment? Save for these too.
Plan for closing costs too.
Most people only save for the down payment. Then closing day comes and there are other costs they didn't see coming.
Here's what else to plan for:
- Closing costs: things like attorney fees, title work and the appraisal
- Prepaid items: some of your property taxes and homeowners insurance up front
- The home inspection
- Your real estate attorney (in New York, buyers usually have their own)
The good news: there are down payment and closing cost help programs, and some sellers agree to help with closing costs. Every program has its own rules, so ask early.
Your small step
Ask your lender for a Loan Estimate. It's a standard form that shows your estimated costs, so you can see the whole picture and plan, not just the down payment.
Want help with your next step? Summerrain Realty Group walks first-time buyers through every step in plain language. Request a free consultation or call 585-364-4663.
General education only, not legal, tax or lending advice. Program rules vary; ask your lender, attorney or program office about your situation.
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