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Buying a home is probably the biggest purchase you’ll ever make. Wise budgeting is a must and there are many home buying tips you should consider. Don’t just think about how much you must put down; you also need to plan for closing costs.
Make It Go Hand-in-Hand With the Down Payment
Depending on the type of loan you’re getting, you may have to put as much as 20% down for your new house. Unless you work it out that seller will pay for closing costs, you’ll have to add another 2% to 5% to take care of these fees before you can move in.
Put Your Home-Selling Proceeds Toward These Costs
If you’re fortunate to make a profit selling a previous home, think about using a portion of that money for closing costs. Setting this money aside can bring peace of mind that you’re ready for closing.