What it takes to purchase a home…tips for planning
When thinking about purchasing a new home, it’s always a good idea to factor in the closing costs so you can properly plan and manage your finances. In general, you can expect to pay 2-5% of the purchase price in closing costs in addition to the down payment.
Total costs at closing can typically include the following:
◦ Down Payment 3.5% – 20% of the purchase price depending on a buyer’s qualifications and type of loan.
◦ Earnest Money Deposit (generally 3% of the purchase price) The money put down with a real estate purchase offer – it usually goes into an escrow account upon acceptance of the offer by the seller and is part of the buyer’s total closing costs and down payment.
◦ Lender Fees Includes charges for loan processing, underwriting and preparation
◦ Third-party Fees Includes appraisal fees, inspection charges, home warranty, mandated state disclosure reports (not already paid by seller)
◦ Government Fees Includes deed recording, possible state and city taxes
◦ Interest Fees Includes mortgage interest and pro-rated interest
◦ Escrow Fees Includes owner and lender title insurance, escrow fees, document preparation
◦ Property Taxes Includes capital tax based on sale price, local taxes
Please do not hesitate to contact us when you are ready to take the next step. We can help you to get approved and guide you on the way to home ownership. What can we do for you?
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