Southport Oak Island Realty Group, Inc

What and WHY Every Homebuyer Should Know About Closing Costs in North Carolina

Before deciding to purchase a home, it’s important to plan for all the costs you’ll be responsible for, especially when it comes to a retirement home, or a second beach home. While you’re busy saving for the down payment, don’t forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should plan for them.

What Exactly Are Closing Costs?

A recent article from Bankrate explains:

Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Your closing costs are ALL of the additional fees and payments you have to make at closing when purchasing a home. According to Freddie Mac, while they can vary by location and situation, closing costs typically include:

  • Government / Brunswick County NC recording costs
  • Appraisal fees- Normally needs to be paid just after going “under contract” on a home
  • Credit report fees
  • Lender origination fees
  • Title services
  • Tax service fees
  • Survey fees
  • Attorney fees
  • Underwriting Fees

How Much Are Closing Costs the Southport and Oak Island NC area?

According to the same Freddie Mac article mentioned above, they’re typically between 2% and 5% of the total purchase price of your home. With that in mind, here’s how you can get an idea of what you’ll need to budget.

Let’s say you find a home you want to purchase at today’s Brunswick County North Carolina’s median price of $384,500. Based on the 2-5% Freddie Mac estimate, your closing fees could be between roughly $7,690 and $19,225.

But keep in mind, if you’re in the market for a home in the Southport or Oak Island NC area above or below this price range, more than likely higher, your closing costs will be higher or lower.

Make Sure You’re Prepared To Close on time in Brunswick County North Carolina

Freddie Mac provides great advice for homebuyers, saying:

“As you start your homebuying journey, take the time to get a sense of all costs involved – from your down payment to closing costs.”

The best way to do that is by partnering with Southport Oak Island Realty Group, a team of trusted real estate professionals in Brunswick County North Carolina. That gives you a group of local experts to help you understand how much you’ll need to save and what you’ll want to be prepped for. It also means you have go-to resources for any questions that pop up along the way to buying your next Coastal North Carolina home.

Planning for the fees and payments you’ll need to cover when you’re closing on your coastal North Carolina home is important. Partnering with a local real estate professional at Southport Oak Island Realty Group can give you the guidance and confidence you need throughout the process.

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Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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