John Engel NMLS# 196148 Fairway Independent Mortgage Corp.

08/18/2025

10/31/2024

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process. And while your down payment is probably the number one expense on your mind, don't forget about closing costs. Here’s what you need to know.

What Are Closing Costs?

Simply put, your closing costs are the additional fees and payments you have to make at closing. Some of these are one-time expenses that are baked into your closing costs. Others, like homeowners’ insurance, are initial installment payments for ongoing responsibilities you’ll have once you take possession of the home.

How Much Are Closing Costs?

Freddie Mac says: “Closing costs vary greatly depending on your location and the price of your home. Typically, you should be prepared to pay between 2% and 5% of the home purchase price in closing fees.”

Tips To Reduce Your Closing Costs

If you’re wondering if there’s any way to inch that down a little bit, NerdWallet lists a few things that could help:

>>Negotiate with the Seller: Some sellers are willing to cover part or all of these expenses — especially since homes are staying on the market a bit longer now.
>>Shop Around for Home Insurance: Each insurance company offers their own policies and coverage, so get multiple quotes and see how they compare.
>>Look into Closing Cost Assistance: Just like there are programs out there to help with your down payment, options exist to get support with closing costs too.

Let’s connect so you have someone you can go to for more tips and advice.

Now that you’ve decided to buy a home and are ready to make it happen, it’s a good idea to plan ahead for the costs that are a typical part of the homebuying process.

10/31/2024

Happy Halloween from all of us at Fairway! 🎃

Wishing you a day full of treats, not tricks!

Share your favorite Halloween memory in the comments!

10/28/2024

Investment properties are eligible as well!!

10/28/2024

On this National First Responders Day, we celebrate those who embody courage and commitment.

Thank you for all you do!

10/26/2024

Your mortgage questions answered, anytime.

10/23/2024

Struggling to attract buyers in a competitive market? Our NEW 1/1 Buydown Program can make your listing more appealing. DM me to learn how it works.

10/22/2024

A shift is underway in the housing market this season. And if you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, this is a great time to do it. That’s because the best week to buy a home this year is just around the corner. Your sweet spot is here.

The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers: “Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.”

In addition to the historical trends and typical seasonality that Realtor.com looks at, there are also clear indicators in today’s market data that you’ll see better conditions right now than you would have over the last few years.

Mortgage rates just hit their lowest point in 19 months, and that goes a long way to help with your purchasing power and affordability.

And Ralph McLaughlin, Senior Economist at Realtor.com, explains that it’s not just rates that have improved – inventory has too: “The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”

If you want to make sure you’re ready to take advantage of this sweet spot, let’s connect and start the prep work now. Maybe it’s time to get off the sidelines and into the action.

A shift is underway in the housing market this season.

10/22/2024

We also offer both Fannie and Freddie renovation programs, as well as renovation programs for VA and USDA mortgages. Not sure where to start or if these are an option for you? Let's chat...

10/18/2024

We believe in being there when you need us most. That's why our team is working tirelessly to provide you with the support and expertise you deserve.

10/18/2024

A little nerdy Real Estate data for your Friday...

Pending home sales posted their biggest increase since 2021 this week. But some house hunters are starting to pull back.