Buying a Home • Mercer County, WV • 4 / 4
Closing the Deal and Taking Care of Your Home • Mercer County, WV
Prepare for closing costs, taxes, insurance, and the long-term costs of ownership.
What Happens at Closing
- • Closing is when you sign the loan documents, pay fees, and receive the keys.
- • Ask questions about every document before you sign.
Closing Costs
- • Closing costs usually equal 2% to 5% of the home price.
- • These costs can include appraisal, title work, insurance, lender fees, and legal costs.
- • Ask your lender for the full estimate before signing anything.
Insurance and Property Taxes
- • Home insurance protects your house from fire, weather, theft, and other covered damage.
- • Property taxes help fund schools and local services and are often part of your monthly payment.
Maintenance and Building Equity
- • Each mortgage payment helps you build equity in your home over time.
- • Part of your mortgage payment also will go toward an escrow account. An escrow account is a neutral account that holds money during the home sale.
- • Budget at least 1% of the home's value each year for repairs and maintenance.