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Tips to not get blindsided by closing costs

Categories: New Homes in Raleigh | Posted: June 13, 2019

If you are on the journey to finding a new home in Raleigh and this will be your first home, chances are that you are learning everything you need to know about buying a home along the way. You may be relying on Google to define all of the mortgage lingo as you search for a lender, or calling your parents or Realtor every other day to ask them questions you may not know the answers too. However, the one thing you need to be educated on beforehand is knowing what your closing costs will be once you find the perfect home. Royal Oaks Homes, a division of Mattamy Homes, shares what you need to know about closing costs so you are not caught off guard and a dollar (or thousands) short in the end.

When it comes to buying your new home, most buyers have a set budget on what money they have available to purchase the home. Apart from the actual cost of the home, you have to put aside cash for a down payment, occasionally inspector visits, and of course your closing costs. If you don’t know the terms or breakdown of what your closing costs look like, it can make all of your new home dreams go bust.

So what is the best way to plan for your closing cost fees?

A good rule of thumb is to budget anywhere from 2% to 5% of the purchase price of your home. This fee goes to lenders, attorney’s and other third parties who may have been involved in the transaction. Buyers often have more closing costs than sellers because most fees are related to the new mortgage loan.

Common items that will make up your closing cost as the buyer will be the loan processing fees, home appraisal and inspection fees, and property taxes.

If you are the seller, your costs will cover mortgage payoff fees, title transfer fees, and attorney fees for handling the closing.

If your closing costs come up higher than you have budgeted, there is good news. You can shop around for the loan estimate portion from your lender. The loan estimate will detail the services and you can shop around on the surveys, appraisals and search titles to see if you can save some money that way.

Also, closing costs are negotiable. Sometimes the seller or buyer agrees to pay all or part of the other party’s closing costs.

Some lenders will allow you to roll the closings costs into your mortgage as well, if need be. However, just remember that is additional money you will have to pay interest on for the remainder of your home loan so it is best to have cash available.

If you have more questions on buying your first home or need help in finding a home that works with your budget, contact our new home professionals today who can help make your dream home also pencil out with your dream budget.

 

Mattamy Homes, formerly Royal Oaks Building Group, is a new home builder in Raleigh, North Carolina. For additional information about Royal Oaks building your Raleigh new home, please call (888) 677-1502.

Community Spotlight: Wendell Falls

Categories: New Homes in Raleigh, Wendell Falls | Posted: June 7, 2019

If you are in the market for a new home in Raleigh or the surrounding areas this upcoming spring or summer season, then you better set your plans this weekend to make a trip to Wendell Falls! Wendell Falls is a beautiful Newland Communities location that houses stunning new Mattamy, formerly Royal Oaks, homes that fit a variety of buyer’s needs. If you are looking to get out of the hustle and bustle of life and settle down in a fresh-air community, then this is the place for you.

Wendell Falls offers several of Mattamy Homes’ award-winning floorplans that range from 2,300 to 3,500 spacious square feet. Plans offered include first-floor master bedrooms as well as first-floor guest suites which are hard to come by.

As soon as you enter the community, you may see homeowners who already call this great place home enjoying the smells and sounds of spring on their front porch. This community has quick and easy access to 264 and the beltline, as well as 540 and downtown Raleigh so even if you want to live the quiet life, you can still enjoy all Raleigh has to offer that is just a quick drive away.

You can even find finished and unfinished third floors, nine-foot ceilings, and top of the line kitchens that have stainless steel and granite counter tops. You can also have  Smart Home technology added to your home to make your life easier and more organized!

What makes this location even better, is there is a neighborhood café called Grounds Café that allows you to be within walking distance to healthy food, as well as brews and specialty coffee, making it the perfect stop for any time of day, any day of the week!

If you have a dog or are a dog lover, you will be officially sold on this community and the brand new “Wendell Paws” dog park. Enjoy the extensive trails with your furry friend or kids and enjoy the beautiful weather and being outdoors.

Living in Wendell Falls will put you just 5 minutes from downtown Knightdale, where you can enjoy unique shops, a playground, sports fields and so much more.

Wendell Falls will provide you the perfect atmosphere and perfect home to build your family and your life around and provide you everything you need in a place to call home. Contact us today to learn more about how you can get a home in Wendell Falls!

 

 

Mattamy Homes, formerly Royal Oaks Building Group, is a new home builder in Raleigh, North Carolina. For additional information about Royal Oaks building your Raleigh new home, please call (888) 677-1502.

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