{"id":95882,"date":"2024-08-05T12:47:24","date_gmt":"2024-08-05T19:47:24","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=95882"},"modified":"2024-08-16T12:48:08","modified_gmt":"2024-08-16T19:48:08","slug":"how-much-are-closing-costs-in-maine","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/how-much-are-closing-costs-in-maine\/","title":{"rendered":"How Much Are Closing Costs in Maine 2024?"},"content":{"rendered":"

Buying a new home is an exciting and big decision, whether it’s your first home or your third. But before you dive too deep into buying new appliances or home d\u00e9cor, you’ll want to consider how much you’ll need to pay for closing costs.<\/p>\n

Closing costs are the final expenses that need to be paid in order to close on a real estate transaction, such as taxes, lender fees, and title insurance. If you’re feeling unprepared or overwhelmed, don’t worry. To help you budget for closing costs, this Redfin article will cover how much closing costs are in Maine, who pays for them, and which costs you can expect to pay as a buyer and as a seller.<\/p>\n

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How much are closing costs on average in Maine?<\/h2>\n

In addition to the down payment, homebuyers will also need to pay closing costs before securing the keys to their new home. As a general rule of thumb, you can expect closing costs in Maine to add up between 2%-5% of the purchase price.<\/strong> But it’s important to remember that this is just a range and the total amount will depend on a number of factors, such as the buyer’s loan program or negotiations made with the seller.<\/p>\n

Let’s say you’re buying a home in Portland<\/a>, where the median home sale price is $623,000. Based on this, you could expect closing costs to be between $12,460 and $31,150. Whereas if you’re buying a home in Yarmouth<\/a>, which has a median sale price of $750,000, closing costs could be anywhere from $15,000 to $37,500.<\/p>\n

Who pays closing costs in Maine?<\/h2>\n

In most areas, including Maine, both the buyer and the seller will pay closing costs. But the buyer and seller will pay for different closing costs and likely have different total closing cost amounts. Keep in mind that it’s common for the buyer to pay closing costs out of pocket, while the seller’s closing costs are deducted from the home sale proceeds.<\/p>\n

Buyer closing costs in Maine<\/h2>\n

For homebuyers in Maine, you can expect to pay between 2%-5% of the purchase price. If you paid earnest money, this amount will be subtracted from your closing costs, which will reduce the total amount you owe at closing. Earnest money is typically between 1%-3% of the home’s price. Here are a few common closing costs that buyers typically cover:<\/p>\n