Chances are, you know about closing costs: the fees that you pay at closing on a home. But how much can you expect those to run you?
Typically, the seller pays around 8-10% of the home’s sale price, which is typically backed out of the sale price of the home.
For the buyer, closing costs average between 2-5% of the sale price. If a buyer needs help covering closing costs, they can sometimes roll those costs into the new mortgage. Talk to your lender, to see if that’s an option.