Buying a home involves planning, budgeting and being prepared for all costs related to the purchase of the home. The first step is to save for the down payment and qualify for the mortgage. In addition, there are costs that a buyer needs to be prepared for which are required in order to close a transaction on the purchase of a home. Here is a summary of what you can expect for buyer closing costs in Fairfield County. The fees listed are given only as an approximate and may vary depending on the property.
At the cost to the buyer, a scheduled inspection occurs 7-10 days after the offer is accepted. You can expect some of the following:
Building Inspection, Asbestos, Radon, Termites, Water/well, Septic, Pool. The cost will vary depending on if all are necessary and ranges from $600-$2,000
Lender fees vary from between mortgage brokers and banks. You need to verify that you are comparing not only the interest rate but also the closing costs. Some lenders charge an application fee and processing fee while other brokers build the costs into the rate.
Origination/Application Fees: +/-$1,300
Points: if you choose to buy points for a lower interest rate, it is 1% of the loan amount per point
Credit Check: varies
Attorney’s Fees: $950-$1,100 +/-
Title Search/Municipal Search: $375-$500
Title Insurance: Varies based on home price (approx. $250 per $100,000)
Recording Fee: $300
Homeowner’s Insurance: A full year of homeowners insurance needs to be prepaid and it varies depending on the price point of the property and personal items. $1,200 and up
Flood Insurance: If Applicable
Taxes: prepay property taxes
The following video will give you a more detailed description of each item.