When buying a home, the first thing that an individual thinks of is its total price, the amount of loan he can get and the latter's interest rate. With these in mind, he tends to overlook the other fees that are involved in this transaction. Following is a list of the usual fees included in when buying a home.
Private mortgage insurance is required if your down payment is low, which require you to pay the complete amount for a year during your purchase. It can also be rolled into your monthly installment.
Homeowner's insurance is usually required when you need to borrow money to buy a home. This refers to purchasing a policy prior to closing the deal.
Title insurance protects you in the event that the information on the title was phony or if you bought the home from a fake owner.
Appraisal fees are required to establish an up-to-date fair market value of your home for tax reasons.
Escrow fees refer to an account where the money is kept while the buyer and seller settle the contract. A fraction of your monthly mortgage amortization is likewise entered into the escrow account so you can pay your insurance and real property taxes.
Origination or point fees refer to the service fee of the bank or the lender for facilitating the loan. One point represents 1% of the loan, which is added to the total loaned amount.
Credit report fees are paid to the bank or lender to verify the credit status of the borrower, which is required in securing for a loan.
Documentation preparation fees are payments for preparing the necessary loan documents charged by the lender or the broker.
Survey fee is required in the absence of an existing land survey. A new survey will be performed to examine the precise periphery of the real property.
Pest or mold inspection fees are particularly needed if you purchase an older home. This will ensure you that the home will be free of pests like termites and mold. This may vary though depending on the area.
Real property taxes. If the seller has been paying taxes for some time, then you will be indebted to pay real property taxes instantly. Likewise, you have to pay municipal taxes and water or sewer fees.
You may also be required to pay state recording fees, which will depend on the place ขายอาคารพาณิชย์ where the home is located.
However, do not worry that much, as not all of the above fees will be required from you. The seller or lender may pay or waive some of these fees. It is imperative, however, to understand the above fees and to know who is accountable for their payment prior to closing and purchasing the home.
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