There are six closing costs buyers may not know about but you definitely should if you’re getting ready to buy a home.

1. The down payment. There are various loan programs out there that can affect your down payment, but not everyone knows what they are. There are 0% down payments, low down payments, and the standard 20%-or-more down payment. If you’re a non-owner occupied buyer or an investor, sometimes you’ll need a down payment of more than 20%.

2-3. The closing costs and/or parts of the loan fee. These include things like the escrow fees and title insurance. Even the appraisal fees are paid up front. Working with a knowledgeable agent can help as far as negotiating with the seller to have them pay some of these fees.

4. Impound accounts. Oftentimes, the lender will require that you put money up front in an impound account to cover insurance costs, HOA fees, and, sometimes, your taxes. Sometimes they’ll require six months’ worth of these costs to be prepaid, so speak with a lender so you can anticipate them.

5. Moving costs. Buyers sometimes forget about the costs involved with moving out of their current home. If you’re trying to time a double move, for example, you might need to pay for storage. Another aspect that can be factored into this cost is furniture. If you need to furnish your new property, that can be expensive.

6. Utility costs. Sometimes, setting up your electric and water bills requires a deposit. If you forget to do that in a timely manner, that can create a nightmare when you’re trying to get moved in.

If you have any questions about other closing costs you should know about or you’re thinking of buying or selling a home soon in our market, don’t hesitate to reach out to me. I’d be glad to help you.