When you buy a home, it’s important to prepare for the upfront costs in addition to what you will be paying monthly. While each transaction varies, here are some of the costs you can prepare for:⠀
1. Earnest Money Deposit: Usually 1-3% of the purchase price and due when your offer is accepted.⠀
2. Home Inspection: Averages $300+ and paid at the time of inspection.⠀
3. Appraisal: Averages $750 depending on loan type.⠀
4. Closing Costs & Prepaid: Usually around 3% or less of the purchase price, paid at closing.⠀
5. Down Payment: The amount of the purchase price not being financed, due at closing.⠀
6. Moving Expenses: Depends on the quality of the friends you keep! 😉
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Your Mortgage Lender, Title Agent, and Realtor can help you with an estimate on closing costs…Call us for more information.
