Viewing homes can be fun, but
beware of falling in love with a home beyond your price range. Buying a big house can sacrifice your future by making it impossible to: Save for retirement Provide for children's education Take vacations
Before you start: find out how much you can afford to pay for your new home.
"...in my years as a real estate agent and broker, I never met a first time home buyer who wasn't suprised to find out that in addition to a cash down payment, they would need a little cash to cover closing costs." ...Audrie
Use the links below to help determine how much you can spend to buy a home.
Closing Costscome in two types:
Mortgage loan origination fees & Closing fees paid by the Buyer
1. Mortgage loan origination fees: At $1,600 t0 $2,400 on a $80,000 mortgage loan, this is by far the largest closing fee (2% - 3% of the mortgage loan).
By custom in most states, Loan origination fees are paid by the Sellerand therefore not included in our estimates of Buyer's closing cost.
2. Closing Fees Paid by the Buyer: (Buyer'sclosing cost)
Escrow fees: $400 to $1,200 to handle purchase related documents and funds.
Homeowners Insurance: $300 to $1,500 depending on the price of the property.
Title Insurance: $300 to $1,000 depending on the price of the property.
Property taxes: For a July close, Buyer must reimburse Seller for August and September taxes paid by Seller as part of quarterly taxes due and paid on July first.
Legal fees: about $450 in eastern states, zero in western states where lawyers are not required.
Inspections: $250 to $500 for professional inspection of the property
Private Mortgage Insurance (PMI): About $400 for Buyers with less than a 20% down payment.
Prepaid loan interest: Buyer must pay interest on the mortgage loan for days between closing and the due date of the first mortgage payment.
Recording: about $50 to record the deed and mortgage.
Courier fees: Usually less than $50.
Notary: $20 per signature per buyer to have signature verified by a notary (usually the Escrow officer, or closing attorney).
Typical Buyer'sclosing cost for a $100,000 home (1.5%)
Contract Package $14.20
Real estate forms & contracts to legally sell or buy a home. Download them in Microsoft Word format for Windows & Mac. Order now.
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Copyright Jan. 2006 by Audrie.com Corporation
Stone Mountain, Georgia Fax: 770-469-2180
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