3 Closing Costs That Most Buyers Forget To Factor In And What You Can Expect To Pay

3 Closing Costs That Most Buyers Forget To Factor In And What You Can Expect To Pay

Closing Costs


If you are in the process of buying a home, you probably have your deposit and monthly mortgage charges in a spreadsheet, along with a chart of your other expenses plus your monthly income.  But when it comes to buying a home, there are lots of different costs that will come into play – and itt is easy to forget something.  While you are preparing your budget and getting ready to close on your new home, make sure you consider these three closing costs that most buyers forget.


Home Inspection Fees: A Small Charge For Peace Of Mind


Most home purchase agreements are contingent upon a successful home inspection – and if you are planning to buy a home, you should definitely have it inspected before you buy it.  However, home inspectors do not work for free, and you will have to pay a home inspector for a thorough evaluation of the premises to protect your interests.


Home inspection fees depend on the kind of property you are buying, and can vary depending on your location.  For a condominium unit, you will typically only need to pay about $250, but a single-family home might cost up to $500.  Luxury properties are often more expensive, sometimes even running as high as $1,500.


Private Mortgage Insurance: Obligatory With Small Down Payments


If you are only planning to make the minimum down payment on your home, you will need to buy mortgage insurance.  Mortgage insurance protects the lender in the event that you default on your loan.  This is an added cost that your lender pays, and in general, almost every lender will pass the cost on to you.


You can pay for your mortgage insurance in one large payment, or you can add it to your monthly mortgage payments.  Note that if your down payment is less than 20% of the purchase price, you are legally required to buy mortgage insurance.


Lender Fees: Additional Fees to Process Your Mortgage


One category of closing costs that buyers often forget is lender fees.  Lender fees are fees that your mortgage lender will charge for processing the transaction of the loan.  These can include appraisal fees, credit report fees, processing and application fees, and administration fees for underwriting.


These fees can range depending on the lender, but in many cases they exceed $3,000. You will want to budget about $3,500 to $5,000 to be safe.


Buying a house is a major undertaking, and there are lots of ways that the process could go awry.  But a good mortgage professional can help you navigate the process and get the home and the mortgage you have always wanted without any issues.  Call or Text "DP" to (469) 262-5411 to have your Trusted Advisor | REALTOR® from Martin Real Estate Advisors, a JP & Associates Realtors® Company, help you get the right lending partner, and help you understand all the other costs associated with home ownership.


Annette Bruen Headshot
Author:
Phone: 972-977-3221
Dated: August 13th 2015
Views: 719
About Annette: Before making the move to help families realize their real estate dreams, Annette made her professio...

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