What closing costs should Schaumburg home buyers expect?
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Schaumburg home buyers should plan for more than the down payment. Closing costs may include lender fees, appraisal, credit report, title fees, recording fees, prepaid taxes, prepaid insurance, escrow reserves, attorney fees, inspection costs, and other transaction expenses. The exact amount depends on the loan, purchase price, taxes, and timing of the closing. Property taxes are especially important in Illinois because they affect monthly payment and escrow planning. HOA fees can also change the total cost for condos and townhomes. Buyers should ask their lender for a loan estimate and review the numbers early. A good Schaumburg Realtor helps buyers think beyond the list price. The real question is not only, Can I buy this home? It is, Can I comfortably own this home after closing? Preparation makes that answer clearer.