Common Closing Costs

Being organized with your finances and having enough money saved before you apply for a home loan in Green Cove Springs is an important step in the homebuying process. Many first-time homebuyers are unaware of all the different closing costs required when buying a house, which is why it is important to talk to a mortgage professional before you get started.

To help provide some guidance, your local Clay County contractors with A&M Home Builders have provided a list of some of the most common closing costs.

Closing Costs

• Appraisal Fee: Having a professional come out and survey the property before you buy is important so you know exactly what everything is worth. Sometimes a home might look like it’s in good condition on the outside but can be a major fixer-upper on the inside. If you choose to purchase a home with A&M Home Builders, you are guaranteed a brand new, high-quality home.

• Down Payment: This maybe your most expensive closing cost because it is a percentage of your home’s overall value. Our homes range in price from $145,000 to $165,000. Talk to your local mortgage lender to figure out how much you should save for your down payment.

• Lawyer Fees: During the home loan process, it is common to work with a lawyer when finalizing the paperwork. If you choose to work with a real estate lawyer, make sure you have enough saved to pay for their legal fees.

• Origination Fees: This closing cost is what your local mortgage lender will charge you for helping facilitate your home loan. An origination fee varies from lender to lender, however, it is typically 1% of the total borrowing amount.

• Private Mortgage Insurance: This additional insurance is required by most mortgage lenders if you pay less than 20% of your down payment. Private Mortgage Insurance (PMI) is required by the lender to ensure they are protected if the borrower defaults on their payments.

• Title Insurance: To receive the title of your new home, you will be required to pay for title insurance. This is to protect you and your mortgage lender from any problems that may occur with the property during the transfer of ownership.

Contact Us

For additional information on common closing costs or if you are looking for a new home, please contact your local Green Cove Springs contractors with A&M Home Builders at 904.955.1758.