real-estate (5 facts)

• How much are closing costs when buying a house?
  Buyers typically pay 2–5% of the loan amount in closing costs, on top of the down payment.
• What is earnest money?
  Earnest money is a good-faith deposit (often 1–2% of the price) held in escrow and credited to the buyer at closing.
• Are realtor commissions negotiable?
  Yes — commissions have always been negotiable, and since August 2024 NAR settlement rules make this explicit: no standard rate exists.
• What is escrow in a home purchase?
  Escrow is a neutral third-party account that holds funds or documents until all conditions of the transaction are met.
• What is PMI (private mortgage insurance)?
  PMI protects the lender when a buyer puts down less than 20%; it typically costs 0.5–1.5% of the loan per year and can be canceled once equity reaches 20%.