If you are buying a house for the first time, there are costs that you will need to be aware of to avoid any surprises during the process. Knowing the costs you will incur when buying the house will help you to establish whether you can afford it or not.
The first costs you will need to make for the house are closing costs. These are actual expenses that you will incur when you acquire a new home loan. Some of these expenses are related to the loan application, for instance the costs associated with the newly updated credit reports. Other closing expenses you will incur are related to the house itself, for instance the appraisal fees.
You will also be charged money to get your application for the loan processed unless the seller offers to pay for you. These charges are also part of the closing costs and they are usually about 2 to 3 percent of the total money you are borrowing from the lender. They may vary among different states and therefore it will be a good idea to talk to the lender ahead of time and establish the costs that you will need to pay as per the state that you are in.
Other costs you will incur when buying a home for the first time are loan discounts points. These are usually in form of prepaid interest. In most cases, a single discount is equal to 1% of the amount that you will be getting as a loan. Payment for loan discount points is usually done in cash as a form of interest during the home's closure.
The loan discount points usually lower the interest that you will need to pay on the loan that ทาวน์เฮ้าส์มือสอง กรุงเทพ you have obtained. Sometimes, you may not need to pay them since the home owner, new home builders or employers may offer to pay them for you as an incentive.
You will also need to pay for prepaid items when you are buying a house for the first time. Some lenders may need you to start an escrow account, which in other word is just a savings account that belongs to the lender. So every month, in addition to paying your regular loan, you will need to deposit a certain amount that will cater for property taxes as well as home owners insurance. The escrow account that you will set up is usually about 9 months' worth of taxes and 2 months of insurance payments. The lender will make the payment for the subsequent bills for property taxes as well as insurance.
But with the variation in customs as well as the regulations for various states, the amount that you will need to pay at settlement may be either higher or lower. A reputable lender should help you know exactly how much you will need to pay in order to acquire your first home depending on the state that you are in.
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