Selling your home in New Mexico? One important aspect you need to understand is closing costs. These fees and expenses come due when finalizing the sale of your property. They can include things like transfer taxes, title insurance, and more. Our short guide will walk you through how closing costs function in New Mexico and what you can expect to pay as a seller. This will help you better prepare for the financial aspects of your sale, ensuring a smoother transaction. Closing costs are any fees paid when finalizing the purchase or sale of your property. They can include a wide range of fees, such as property taxes or insurance; most are standard for homeowners and sellers. Others, like transfer taxes, will vary depending on where your home is located when it sells. When selling your home, you must pay off your mortgage. This “loan payoff amount” includes the remaining principal balance and any accrued interest over the life of the loan. Knowing the full scope of your payoff amount ensures you know precisely what needs to be settled to finalize the loan terms. According to WalletHub, New Mexico ranks 18th in the country in terms of property taxes, playing it above cities like Florida. Real estate in New Mexico is taxed at a rate of 0.74%, with a median home value in the state of $216,000. To get a better idea of what you might owe, consult a property tax calculator.What are closing costs?
Mortgage/Loan payoff amount
Property taxes
