What Are Closing Costs and How Much Should I Expect to Pay When Buying a Home?

💼 What Are Closing Costs and How Much Should I Expect to Pay?

When buying a home, most buyers think about the down payment—but closing costs can catch many by surprise.
These fees cover the services and legal work required to transfer ownership, and they typically range from 2% to 5% of your purchase price.

At Evermark Property Group, we help buyers throughout Enfield, Somers, and Western Massachusetts plan for these costs early, so there are no surprises when it’s time to close.

📊 What’s Included in Closing Costs?

Closing costs can vary depending on your lender, loan type, and the property’s location. Here’s a breakdown of what’s typically included:

  • Lender Fees: Application, underwriting, and loan origination charges

  • Appraisal Fee: Paid to a licensed appraiser to verify property value

  • Attorney and Title Fees: Cover legal document review and title insurance

  • Recording Fees: Paid to the town or county to record your new deed

  • Prepaid Taxes & Insurance: Initial payments for homeowners insurance and property taxes

  • Escrow Fees: Set up by the lender to manage future tax and insurance payments

💡 Example: For a $400,000 home, closing costs typically run between $8,000 and $20,000, depending on loan type and tax rate.

🏠 Who Pays Closing Costs?

In most Connecticut and Massachusetts transactions, buyers pay the majority of closing costs.
However, it’s common for buyers to negotiate seller concessions—credits from the seller that help offset some of these fees.

For example, a seller in Enfield might agree to contribute $5,000 toward closing costs if it helps secure a strong, timely offer. Your Evermark real estate agent can advise you on how to structure this into your offer and still remain competitive.

💬 Can Closing Costs Be Rolled Into a Loan?

Sometimes. Certain lenders allow closing costs to be rolled into your mortgage or covered through lender credits in exchange for a slightly higher interest rate.
This can be a great option for first-time buyers who want to conserve cash at closing while still moving forward on their purchase.

📈 Local Insight: Plan for Taxes and Insurance

It’s important to remember that property taxes and insurance premiums differ by town.
For example, annual taxes on a similarly priced home may be lower in Somers than in Longmeadow, which impacts how much you’ll need to prepay at closing.

That’s why working with a local real estate professional who understands the nuances between Connecticut and Massachusetts towns can make a real difference in budgeting accurately.

🌟 The Evermark Advantage

At Evermark Property Group, we’ve helped hundreds of buyers across Enfield, Somers, Ellington, East Windsor, Hampden, East Longmeadow, and Longmeadow understand their full financial picture before they make an offer.
Our team works closely with trusted lenders and attorneys to provide clear cost estimates and ensure a smooth closing every time.

Whether you’re buying your first home or your fifth, we’ll make sure you’re fully prepared for what comes next—down to the last detail.

👉 Contact Evermark Property Group today to connect with an experienced real estate agent in Enfield CT who can walk you through closing costs and help you prepare for a successful home purchase.

📩 [email protected]
📍 265 Hazard Ave, Enfield, CT