Ignite FB Tracking PixelWhat Costs To Expect When Closing On A Home - Susanne D. Leonard, PA
Re/Max Direct
Susanne D. Leonard, PA, Re/Max DirectPhone: (561) 926-7653
Email: [email protected]
What Costs To Expect When Closing On A Home

by Susanne D. Leonard, PA 03/06/2019

Once you have found the home that you want to live in, put in the offer, and start the process of closing on a home, you may feel like you’re “home free.” The hard part may technically be over, but there’s one more important thing that you need to think about before you get the keys to your place: Closing costs. 

A few days before you head to sign all of your paperwork to close on the home, your lender will send you a detailed report of different closing costs that you need to pay upon the settlement of the property. 


Closing Costs Defined


Closing costs are what you pay to the lender and third parties. These are due at the time of closing on the property and must be paid up front. You should estimate that your closing costs will be between 2 and 5 percent of the purchase price of the home.


Everything Included In Closing Costs


Closing costs cover both one-time and recurring fees that are a part of your home purchase. The one-time fees are things that are generally associated with buying the home. These would include attorneys fees, lender fees, home inspection fees, document prep fees, underwriting fees, credit report fees, and realtor fees. You’ll also need a bank issued check for your down payment at this time.  


At closing, an escrow account will be set up. This is like a forced savings account that will be drawn from to cover things like taxes, insurance, loan interest, and title insurance. These are all very important costs that are a part of buying a home.     


Do Your Homework Ahead Of Time


The best way to deal with closing costs is to be prepared ahead of time. Talk to your lender in order to get an estimate of the closing costs. From there, you’ll need to decide if you need to finance your closing costs or simply pay them up front. There are advantages to both approaches. Sometimes, lenders will look at you as less favorable if you need to finance all of your closing costs. It all depends on the terms of your loan. This is why research is vital.


Compare Rates And Lenders


It’s important not to go with the first lender you talk to. Get some recommendations from your realtor and friends to see who might be a good fit for you. Every lender specializes in something different, so you want to be sure that who you chose is a good fit for you. 


The most important thing that you can do with closing costs and the financing of your home is to get educated!     


About the Author

Author
Susanne D. Leonard, PA

If you are looking for a real estate broker with proven experience, an intuitive mind, who takes a professional no-nonsense approach to your real estate investment, please consider my experience and credentials when buying or selling your next home.

Before I pursued a career in real estate, I was in accounting and then recruiter for large multi-national companies. In both accounting and the corporate world, attention to detail is a must. My favorite part of my recruiting career was putting the pieces together, finding just the right person for a position. As I moved into real estate, I realized that was the part of the role I loved the most – solving problems for my clients and helping them move forward with their goals.

As your real estate broker, my goal is to provide you with the research and education to help you strategize and make the best real estate investment choices for you. I have sold over $50 million in property and my experience is what you need to get your home sold or to find and negotiate to buy the right property. It is my goal as your full service real estate company to provide you with superior service at all times. Most of my business comes from referrals from my clients which is a testament to how I serve buyers and sellers. Between my childhood and high-energy careers, I have moved 32 times in my life and consider myself a well-seasoned mover. I understand what you are going through. Therefore, I strive to make your real estate transaction smooth, efficient and successful.

My background has led to several international moves as well. I am familiar with a number of different cultures and customs, having lived in Germany, Great Britain, England, Wales, Spain, Dubai, and, of course, the United States, giving you a unique advantage with any relocation needs and when working with people from a number of cultures.

I differentiate myself from other agents by conducting business concurrent to the values of RE/MAX International. These values dictate that real estate brokers operate under the principles of trust and excellence, never taking their clients’ business for granted.

Not all agents are committed to ongoing education. However I am unique in that I strive to keep myself on the cutting edge of advances in real estate rules and legislation that could affect my clients’ real estate transactions. In addition to achieving the SRES, CRS, ABR, SFR, CDPE, CNE, CIAS, CIPS and E-Pro designations, as well as my position as a Public Notary, I am responsible for education and mentoring of agents within my office.

I also offer free staging and Feng Shui consulting services. I have found that these are abundantly helpful in getting homes sold.

Whether you are selling a condo or buying that waterfront home of your dreams, put my expertise and experience to work for you. 

Designations and Awards

I believe that keeping at the industry forefront is critical in making sure your transaction runs smoothly. I do that through not only continuing education, but also through higher levels of education called “designations”. Below is a list of the designations I have achieved and how they benefit you.

Designations

  • REALTOR® – not every real estate broker is a REALTOR®. REALTORS® adhere to a strict Code of Ethics and are part of the largest trade organization in the country, making sure home ownership remains a strong part of our economy.
  • Accredited Buyer Representative (ABR) – For agents who want to take their buyer skills to the next level, the ABR designation provides tools and systems to help me help buyers find the right home right now.
  • Certified Residential Specialist (CRS)  – Brokers with their CRS Designation have access to cutting-edge education, results-based tools and resources, and access to a large referral network so we can find just the right agent should we need to look out-of-area. This designation is also known as the “PhD of Real Estate” with less than 4% of all agents attaining it.
  • Certified International Property Specialist (CIPS) – Some of the 32 addresses I have had in my life are international. I was born in Germany and have lived abroad in the United Kingdom, the Middle East, and Spain. This is just one reason I have obtained the Certified International Property Specialist designation. This allows me to work with international buyers and sellers, opening up the world market for your next home purchase or sale.
  • Short Sale and Foreclosure Resource Certification (SFR) – The economic downturn affected many homeowners in our area. If you think you might be facing a short sale or foreclosure, you need an advocate on your side to work with you and the bank to learn your options.
  • Certified Distressed Property Expert (CDPE)
  • e-Pro – Since 92% of homebuyers search for homes online, it is critical that your real estate broker harnesses the power of the internet when it comes time to searching for the home of your dreams or getting your home market exposure to get it sold. My e-PRO designation has taken my tech savvy to the next level.
  • Certified Negotiation Expert (CNE) – As a CNE, I have taken in-depth training on the art of negotiating, making me a stronger advocate for your needs during the transaction. My goal is to solve any problems that may be a barrier between parties in getting the transaction closed and both parties satisfied with the outcome.
  • Certified Investor Advisor Specialist (CIAS) – If you are an investor wanting to add property to your portfolio or are new to investing in real estate, my CIAS Designation will help you achieve your goals.
  • Institute of Luxury Home Marketing (ILHM) – I have received the training for my ILHM designation and this is currently pending final approval. This highly-sought after designation provides ongoing training for representing buyers and sellers of luxury properties as well as a network of like-minded brokers in the event we need a resource outside the area.

Awards

  • Promise of One Award from the Susan G. Komen Foundation
  • RRA Excellence Award
  • RE/MAX 100% Club 2006-2018
  • RE/MAX Platinum Club 2014
  • RE/MAX Hall of Fame 2013