Friday, November 12, 2010

Maryland Real Estate Authority

Maryland Real Estate Authority

Don’t Forget to Plan for Closing Costs

Posted: 12 Nov 2010 02:00 AM PST

Many of you have heard that this is a great time to buy a home because interest rates are low and there are a number of home sellers out there who are eager to sell their homes to qualified buyers. This is certainly true.

One thing that some home buyers fail to think about in their excitement to shop for a home that has the features and the selling price that they really want is closing costs.

People who are buying homes with a mortgage they can afford sometimes find themselves in a financial crunch because they don’t consider closing costs ahead of time. You may end up need to pay for closing costs that equal two to six percent of you loan.

(A recent survey found that Maryland has the region's lowest closing costs.)

One thing you can do is talk with your real estate agent about some of the expenses you might incur. You can also get a good faith estimate from your lender. This will give you what you need to plan accordingly. It is not fun to get excited about a new home and spend money ordering furniture and other things, only to realize that things will be tight because of closing costs.

If you are shopping for a home in the Annapolis/Edgewater MD area consider South River Colony and contact top Annapolis realtor John Day.
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