Hit $5k in closing costs and froze at the table

I knew closing costs were a thing but when I saw the final number at the title company in Austin, I just stared at the paper for a solid minute. It was $5,100 and that was after the seller pitched in $3k. Nobody told me you need that much cash on top of the down payment. Has anyone else been blindsided by their closing costs at the last minute?

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river_jones3mo ago

Yeah that "need that much cash on top of the down payment" part hit me the same way when I bought my first place in Dallas a few years back. What saved me was asking the lender for a detailed estimate three weeks before closing so I knew exactly what to bring, and then I shifted some money from my emergency fund to cover it. Next time you buy, ask for that early estimate and plan for at least 3-5% of the home price on top of your down payment for all those fees.

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fiona1303mo ago

Did I actually read that number right or was my brain just trying to protect me from reality? I sat there long enough the title agent asked if I needed a glass of water. After I finally signed, I drove straight to Whataburger and ate my feelings with a Honey Butter Chicken Biscuit. Now I tell everyone to budget an extra three grand for the part nobody warns you about.

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