When purchasing a home there are 4 costs that you will need to consider. Your down payment amount, an earnest money check, a home inspection, and an appraisal.
Your down payment amount is determined primarily by the loan product you are qualified for. FHA allows for 3.5% down, Conventional can range from 5% to 20%. USDA and VA allows 0% down, the State Bond (House Key) Program also allows 0% down from the buyer, however, this particular loan still requires a down payment, so the necessary down payment is actually a 2nd loan that the buyer has to pay that covers the down payment amount.
Earnest money: It is similar to a deposit, it tells the seller that you are "earnest" to purchase the property. Earnest money is usually between $500-$1000 in the form of a check or cashiers check (if bank owned) If you decide to back out of a contract to purchase the home, in almost all instances you will receive your full earnest money deposit back. The earnest money is applied to your down payment at closing.
Home inspection: Inspections range between $300-$500, depending on the inspector. A good inspector will inspect the attic, basement, roof, foundation, mechanicals etc. You can choose คอนโดมือสอง ราคาถูก to have someone you trust inspect the home, but in most cases it is recommended that you pay the money to have it inspected by a licensed inspector. A typical home inspection takes about 3 hours. You, your agent and inspector will attend the inspection.
The other cost that you will need to keep in mind is the appraisal.
The appraisal costs usually $500. The appraisal is ordered by your lender. The reason they order an appraisal is to determine the value of the home. If they will be lending you money for a home loan they want to ensure that the home is worth the amount that they are lending to you.They may be able to include the appraisal cost into your loan. Or, if you choose, you can pay it out of pocket.
Note: Make sure you choose a lender who can close your loan on time! Some sellers (bank owned homes) will charge the buyer $50-$100 per day for every day that the loan doesn't close on time!
In today's real estate market you can buy a home for approx. $1300 upfront. You should expect your first mortgage payment about a month and half after you move in!
Understanding these few costs will eliminate any housing headaches that could arise.
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