Santa Clara Closing Cost Calculator

Buyers should budget 2-5% of the purchase price for closing costs. This includes loan fees, title insurance, escrow fees, and prepaids. Sellers should budget 6-10% including real estate commissions and transfer taxes. In high-tax areas like San Francisco, costs can be significantly higher.

Yes, many closing costs are negotiable. Buyers can ask sellers to pay some or all buyer closing costs through seller credits. However, there are limits - typically no more than 3-6% of purchase price depending on loan type. The market conditions often determine negotiating power.

The closing disclosure is a detailed breakdown of all closing costs and loan terms. By law, you must receive it at least 3 business days before closing. Review it carefully and compare to your loan estimate. If there are significant changes, you may have the right to delay closing.

Some closing costs are tax deductible. Mortgage interest, points (loan origination fees), and property taxes are typically deductible. Title insurance, escrow fees, and inspections are usually not deductible but may be added to your home's cost basis. Consult a tax professional for specific advice.

You have several options if you're short on closing costs: Ask for seller credits, consider a no-closing-cost loan (higher rate), use down payment assistance programs, borrow from retirement accounts, or request gifts from family members. Planning ahead is crucial to avoid last-minute issues.

Yes, cash buyers still have closing costs, but they're much lower. You'll still pay for title insurance, escrow fees, recording fees, and inspections. You won't pay loan-related fees like origination, appraisal, or lender's title insurance. Total costs are typically 1-3% of purchase price instead of 2-5%.