Do not Forget About these FEES when Purchasing a HOME
Dated: February 18 2021
When starting the process of buying a home you always want to budget yourself...
Down Payment: Depending on your loan type you will have to place a percentage down on the home at closing. The higher the price of the home the larger the down payment will be.
Earnest Money: Generally and especially in the current market...Sellers are requiring a Earnest Money check to put forth with your offer...this is deposited into the closing attorney's account and is credited toward your closing cost at closing.
Closing Cost: This is a whole separate set of fees that are due at closing and generally can run anywhere from 1000 bucks to a few thousand. Now sometimes you can roll this amount into your offer and have the seller pay this fee at closing...but the Seller has to agree...Rule of Thumb is to have this saved just in case Seller doesn't pay for any closing cost. Plus your offer will be much more stronger if you pay your own closing cost.
Inspections: Most of the time when you place an offer on a home you have options to make it contingent of any inspections...and this is important because you would want to make sure the home does not have any major issues before purchasing it...and inspections can cost several hundred dollars. Other inspections that may would want to consider is a survey if the home does not have a recent plat etc....so want to make sure you save for these expenses as well.
I have always had a passion and drive to help others. As a devoted wife and loving mother to two wonderful children, I know how busy life can get. To have the opportunity to become a Realtor has been ....
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