Closing Costs: What They Are and How Much You May Need to Pay

When it comes to home buying, most people are familiar with how much they should put down for a down payment, but many people are in the dark when it comes to closing costs. Closing costs are the fees you pay to your lender to process the real estate transaction. They are not the same as your down payment and they happen at every closing, no matter if you are buying or selling. Most of the closing costs are the buyer’s responsibility but sellers have their own costs they need to cover.

Depending on many different factors, closing costs can be substantial. However, some of these closing costs might be negotiable. And if you buy with Rocket Homes and finance through Rocket Mortgage, you could get up to $10,000 toward closing costs from Rocket Mortgage. Closing costs may sound confusing, but licensed Real Estate Agent, Lauren Wilson helps break down the basics in the above video.

This article was created by SheKnows for Rocket Mortgage.