First-Time Homebuyer Guide: Closing Costs vs. Down Payments Explained!

First-Time Homebuyer Guide: Closing Costs vs. Down Payments Explained!

We have Shelby Montgomery with First Community Bank back on the show to help you understand the essential differences between closing costs and down payments.
In this guide, first-time homebuyers will learn how these crucial components impact their real estate purchase, ensuring a smoother and more informed homebuying experience. Closing costs are the fees associated with your loan. These could be things like origination fees, rate buy downs, appraisal, title fees, and more. It is important to shop the lender fees, the 3rd party fees are typically pretty close but lender fees vary depending on who you decided to use. Shelby talks about the impact that down payments have on the cost of your loan when it comes to things like LTV ratios, gifts, retirement funds, and more. Don’t miss out on these expert tips to save money and avoid common pitfalls!

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