It’s no secret that buying a home is a huge financial decision, and there’s a lot more to consider than just the price of the home. As you prepare to call Wyoming home, don’t forget about the closing costs that come with your new purchase. These fees, which can include everything from title insurance to local taxes, are an important part of the final steps. To ensure a smooth transition, budget for these costs and hold off on any major purchases until after you’ve closed and have the keys to your new Wyoming home. To help you budget for closing costs, this Redfin article will cover how much closing costs are in Wyoming, who pays for them, and which costs you can expect to pay as a buyer and as a seller.
How much are closing costs on average in Wyoming?
Before securing the keys to your new home, homebuyers will need to pay for closing costs. Closing costs in Wyoming typically range from 2%-5% of the home’s purchase price. However, keep in mind that closing cost amounts vary depending on many factors – such as the purchase price of the home, the type of loan, and any adjustments negotiated with the seller.
Let’s say you’re buying a home in Cheyenne, where the median home sale price is $370,000. Based on this, you could expect closing costs to be between $7,400 and $18,500. Whereas if you’re buying a home in Rock Springs, which has a median sale price of $260,000, closing costs could range from $5,200 to $13,000.
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Generally, both buyers and sellers can expect to pay closing costs. But, each party’s closing costs amount will vary depending on what they are required to pay. Another thing to keep in mind is that buyers typically pay for closing costs out of pocket, while the seller’s closing cost payments are often deducted from the home sale proceeds.
Buyer closing costs in Wyoming
Closing costs in Wyoming for homebuyers usually range from 2%-5%. If you’ve paid earnest money, which is typically 1%-3% of the home’s price, this amount will be subtracted from your closing costs. Below are some of the common closing costs paid for by the buyer:
Appraisal fee: Home appraisals, which typically range from $300 to $500, are usually paid for separately at the time of the service. However, if not, you’ll need to pay for this at closing.
Inspection fee: Home inspections generally range from $300 to $500 – they can vary based on local rates and the property’s specific characteristics. If you don’t pay for the inspection at the time of service, this will need to be paid at closing.
Loan origination fee: Most lenders charge a fee for creating your loan. Be sure to check with your lender what this fee covers and if it can be waived or negotiated.
Loan processing fee: Lenders may also charge a loan processing fee, covering underwriting and related services. Similar to the origination fee, check with your lender to understand its purpose and possible waivers.
Loan discount points: If you’ve purchased points to lower your interest rate, you’ll usually pay a one-time fee at closing. Each point can lower your rate by 0.25% to 0.5%. Consider your long-term plans, such as how long you plan to own the home or if you plan to re-finance, before purchasing points.
Private mortgage insurance (PMI): When your down payment is under 20%, you’re typically required to pay PMI. Some loans allow upfront PMI payment at closing, giving you the choice between higher upfront costs or increased monthly payments.
Title insurance: Title insurance is a one-time closing cost, with buyers commonly paying for both lender and owner policies.
Homeowners insurance: Your annual homeowners insurance premium may be included in your closing costs in Wyoming.
Homeowners Association dues: For homes in HOA-managed communities, you might have to pay one month’s dues at closing, which can vary depending on the property and covers maintenance and operational expenses.
Property taxes: Buyers may have to prepay property taxes as part of their closing costs in Wyoming.
The closing costs covered by sellers in Wyoming can vary, but here are a few common closing costs that sellers pay for:
Real estate agent commission fees: These fees can be a significant cost for sellers. Commission fees may vary and are subject to negotiation. Sellers should discuss their options with their agent.
Homeowners Association fees: Sellers are generally responsible for settling any outstanding HOA fees or assessments up to the closing date, and they may need to provide HOA documents to the buyer as part of the sale.
Property taxes: Any outstanding property taxes will be due at this time. However, if the seller has prepaid property taxes for the period that extends beyond the closing date, they may be credited back for the portion they’ve paid but won’t use.
Title insurance: As part of closing costs for sellers in Wyoming, sellers may pay for owner’s title insurance. Typically, this cost is based on the home’s sale price.
Median home sale price data from the Redfin Data Center during July 2024.
If you are represented by an agent, this is not a solicitation of your business. This article is for informational purposes only, and is not a substitute for professional advice from a medical provider, licensed attorney, financial advisor, or tax professional. Consumers should independently verify any agency or service mentioned will meet their needs. Learn more about our
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Mekaila is a Marketing Program Manager at Redfin and has spent the last 5+ years covering topics like interior design, real estate trends, and buying/selling resources. She lives in the Greater Seattle area and enjoys trying new restaurants, traveling, and spending time with family/friends. She dreams of a modern and warm home with lots of natural light, sunset views, and a backyard perfect for hosting.
