Cost of a Loan
Calculating the true cost of a loan can be tricky, but we have answers!
There are lots of people working to make sure everything runs smoothly with your loan. This includes loan officers, title companies, and many others. To cover these loan & title costs, you’ll generally want to set aside 3% of the loan amount. Homes that cost over $400,000 usually cost less than 3% at closing. In either case, 3% is just a general “rule of thumb.” You’ll find that the actual cost depends on a variety of factors. We’ll walk you through the fees and help you find the true cost of your loan.
In addition to the 3% rule, you may encounter a few other charges depending on your situation.
Home appraisal: +/- $500
Home inspections: +/- $400
Administrative fees: +/- $400
Remember, we have done this hundreds of times and can help you find the best deals, work with the most qualified professionals, and help you make smart decisions when buying a home.
The Critchfield Group is very successful in negotiating the seller to pay most to all of your 3% closing costs for you. in fact, our record is 90% of the time.
We are here to help!
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The Critchfield Group
121 E. Election Rd,
Draper, UT, 84020
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2016 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.