Financial Obligations

Dated: March 10 2018

Views: 232

Most people do not realize what all goes into buying a home and how much money is needed and where the money goes here's a break down:

Earnest Money - This is due when your offer is accepted. Typically equates to 1% of sales price

Home Inspection - A home inspection is not required but recommended and cost is normally $200-$400 and normally due prior to inspection 

Appraisal - Appraisals are required the lender orders the appraisal and cost between $400-$600

HOA Letter - A clear HOA is required prior to close most times the seller will offset the cost 

Down Payment - Depending on your loan the percentage can be between 3.5% to 20% down

Closing Cost - Closing cost can be between 4-6% of the loan. That includes prepaids, taxes and mortgage, and other fees. 

When shopping for a home it is important to know the cost and where your money is going and important to have a licensed professional realtor to explain this to you. Contact me for any other questions 

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