Expenses To Consider When Buying A Home
You see the listing price and think, “No prob!”
And while that’s a good start, those aren't the only expenses to consider when buying a home. Other costs and fees may include:
1) a down payment: 3-20% depending on the type of loan
2) home inspection fees: $300-500
3) appraisal: $300-400
4) underwriting and application fees: 0.5% of the loan
5) escrow fees: 1% of the loan (sometimes split between buyer and seller)
6) mortgage insurance: 0.5-1.5% of the loan
7) prepaid property taxes & homeowners insurance
Keep in mind fees vary and can often be rolled into your mortgage at closing. Talk with your agent and ask for an updated loan estimate or disclosure, so there won’t be any surprises at closing. Got questions about something you see? Don't be afraid to ask!
If you’re thinking about buying and wondering what your fees might be, give me a call or send me a DM. I’m happy to run the numbers for you.
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