Real Estate Term Tuesday: Closing Costs

Closing Costs

In addition to the purchase price and home inspection (approximately $500), it's important to remember that as a Wisconsin home buyer, you will need to pay a portion of the closing costs. Please keep in mind that some of these costs vary, but when budgeting you can estimate between $1500-$2000

Closing costs include the following:

  • $500  (approximately) - lender's origination fee

  • $400 - appraisal

  • $350 - title insurance

  • $350 - lender's title insurance

  • $100 (approximately) - miscellaneous fees (overnight mail, flood certifications, credit report etc)

  • $60 - recording of the title

    • + Pro-rated taxes (varies)

    • + Home owner's insurance (varies)

Pro Tip: Due to competition and other factors, we have seen many local lenders offer up to $600 off of closing costs! When shopping around for lenders (it's often helpful to talk to more than 1, please let me know if you need suggestions!), it can pay off to ask about current promotions during your meeting. Don't be shy, this could turn into cash in your pocket that you can use for maintenance, moving expenses, or a home warranty!

As always, if you or someone you know is looking to buy a home this year, please give us a call!

Lizzy Parker -- Lizzy@SpencerREG.com -- 608-422-2824

Spencer Schumacher --Spencer@SpencerREG.com -- 608-422-2824