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(a) Earnest Money Deposit - When you're ready to make an offer to the seller on his home, you will need to provide an earnest money deposit. This is a check written to show the seller that you're serious about making an offer and is a sort of "downpayment." The amount will depend on the price of home you're buying. For example, a home under $200,000 will typically require a $500 to $1,000 deposit. This earnest money deposit will be credited toward any out-of-pocket expenses to be paid on the day of your legal possession, called settlement day.
(b) Home Inspection Cost - You will want to have a professional, licensed inspector to view the home's systems and point out any potential issues with the house. The inspector's fees run about $300 - $500 payable at the time of the inspection. This is non-refundable, regardless of the findings.
(c) Appraisal Cost - Occasionally the lender will ask for an upfront payment for the appraisal ($300 - $450). Be sure to ask your lender upon first meeting.
(d) Closing Costs - The day of settlement is the day you will receive the key to your new home. Closing costs are out-of-pocket expenses payable on this day. Your lender can provide an accurate amount needed to bring to closing.
It may be an option to ask the seller to pay some of your closing costs to reduce the amount of money you have to come up with on your own. This is negotiated into the purchase offer, written with your buyer's agent.
Items included in this amount include:
* Down payment (% sale price), if you're not getting a 100% loan
* Any HOA transfer fees or prorated fees
* Closing Agent or Attorney Fees ($300 - $550)
* Recordation of Deed of Trust
* City/county/state stamps
* Postage/cashier’s check per closing agent ($40)
* Survey ($300 - $700)
* Homeowner’s Insurance Escrow
* Property Tax Escrow (3 months prepaid)
* Title search/binder
* HMS Warranty
* Any seller's personal items paid in cash
* Credit Report
* Flood Certification
* Points (% of sales price)
* Origination fee
* Loan Interest from 1st day of month (_____ per day x _______ days)
* Private Mortgage Insurance
* Title Insurance
Start shopping online! Email LindaWiller@remax.net for property listings in your price range