- Homebuyers
- January 5, 2021
All About Closing Costs: How Much You Really Need to Buy a Home
Closing costs are the final fees homebuyers pay before completing the purchase of their home. They are usually 2%-5% of the home's overall purchase price.
Ben is the Managing Editor for New American Funding. In this role, Ben helps with content creation, news coverage, and serving our audience of borrowers, real estate agents, loan originators, and other housing professionals. Prior to joining New American Funding, Ben worked at HousingWire, a top housing media outlet. Ben joined HousingWire in 2014 as a reporter and was later promoted to Senior Financial Reporter, Editor, and eventually to Managing Editor. During his time at HousingWire, Ben helped elevate HousingWire to national acclaim and record traffic growth. He was also honored with multiple awards for his work, including an Eddie Award from Folio Magazine and a Gold Award for Best Trade Magazine Story from the National Association of Real Estate Editors.
Closing costs are the final fees homebuyers pay before completing the purchase of their home. They are usually 2%-5% of the home's overall purchase price.
Over the last few weeks, various reports showed that home sales are slowing down as the weather gets colder, but the news isn’t all bad. Far from it, in fact. Let's dive into the latest data.
Despite a pandemic raging for much of 2020, mortgage rates set continual record lows and homes flew off the shelves quicker than they have in a long time. As it turns out, there were some housing markets where homes sold much faster and for more money than the rest. Here's a look at the top 10 most competitive markets.
Do you currently have an FHA-insured loan? If you've thought about refinancing recently given how low mortgage rates have been this year, it may be in your best interest to see if switching to a conventional loan could save you money by eliminating your monthly mortgage insurance payments.
Real estate observers already know that home prices are rising all over the country, but new data from the federal government shows that home prices haven't risen by this much in 15 years.
Before this year, the prevailing market interest rate for a 30-year, fixed-rate mortgage had never been lower than 3.3%. That record fell back in March. Since then, the prevailing market rate has set new record lows...sixteen different times.
In a sign that things may be returning to some semblance of normalcy, home sales are slowing down at the end of the year, the same as other 'regular' years.
Despite how hot the housing market is right now, one area of housing isn't quite as popular these days: home flipping. A new report shows that home flipping is declining in popularity, but that decline is in spite of the fact that it's never been more profitable to flip a house.
When we last heard from homebuilders, they were feeling better about the housing market than they ever had before. One month later, homebuilders are still feeling very good about the market, albeit not quite as good as they were last month.
Looking for a new home? Well, the one you want might be sold already. That's because houses are selling faster right now than they have at any point since at least 2012.
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