When you take out a mortgage to buy a condo for sale in Aspen, you’ll have to deal with closing costs. In some cases, the seller can pay them – or at least a portion of them – but in other cases, that responsibility falls solely on the buyer’s shoulders.
Here’s what you need to know.
How Much Are Closing Costs When You Buy a Condo in Aspen?
Usually, closing costs total a sum equal to between 2 percent and 7 percent of a home’s purchase price. That means if you’re buying a home that costs $250,000, you’re going to pay between $5,000 and $17,500 in closing costs.
Who Has to Pay Closing Costs?
Usually, the buyer has to pay closing costs. However, you can swing an agreement in which the seller pays all or part of your closing costs.
Where Do Closing Costs Go?
The term closing costs refers to the money you have to pay to close out your real estate transaction. The money can go to a number of different people who were involved in the transaction to pay various fees, including:
- A loan origination fee, which lenders charge borrowers for processing loan applications
- Credit report fees
- Underwriting fees for checking your credit report
- Appraisal fees
- Home inspection fees
- Attorney’s fees
- Title agent’s fees
- Title search fees
- Taxes on the money you’ve borrowed from the lender (called stamp taxes)
- Discount points (commonly called mortgage points) that you can buy in exchange for a lower interest rate to lower your monthly mortgage payment
- Private mortgage insurance premiums if you’re putting down less than 20 percent and are required to buy it (you aren’t always required to buy it, such as when you use a VA loan)
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
If you’re also looking for a home for sale in Aspen or a nearby community, check out our listings by price:
- $200k to $300k
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- $400k to $500k
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- $900k to $1 million
- Over $1 million
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