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Purchasing a home, whether in Louisiana or out of state, is a life event. It’s definitely exciting, but the process can be stressful as you navigate the offer and counteroffers, home inspections, repair negotiations, mortgage applications, appraisals and deadlines. Looming at the end are the home closing costs.
The grand total often begins as a ballpark figure ranging in the thousands of dollars and represents anywhere from two to five percent of the purchase price. The actual closing costs tally a laundry list of expenses necessary for the purchase of a home that are in addition to the actual cost of the home or mortgage.
A number of processes must take place in order for you to become a homeowner, and each of those steps comes with a price tag. Some actions are more costly than others, but each should appear as a line item on the closing cost sheet. Within three days of applying for your mortgage, you should receive a document called a loan estimate form—formerly known as a good faith estimate—itemizing each of the fees and charges to be paid to close.
You’ll see the revised, final version again at the actual closing. Together, the costs make up the final closing cost total figure owed to other parties for purchasing a home.
Some fees may be out-of-pocket prior to closing, like the home and termite inspections, for example. Some transactions may have more itemized closing costs than others. Sellers may also have closing costs, which typically include the real estate agent’s commission, any agreed-upon closing cost assistance or allowances conceded to the buyer and legal recording fees, for example.
Home closing costs can easily total $3,500, $6,500 or more depending on the cost of your property, your mortgage lender, the title company overseeing the process and the costs you’re able to negotiate.
One of the primary benefits of using a credit union like La Cap is that you’re treated not as a customer — but as a member. We thrive only when you do. If you’re thinking about buying a home in Louisiana, you can use our online mortgage calculator to see what your monthly note would be. Or, you can always stop by or call to speak with one of our experienced mortgage specialists. With La Capitol Federal Credit Union, you’ll be one step closer to getting the home you’ve always wanted.