Posted on: 02nd Nov, 2011 11:24 pm
Can anybody let me know what types of costs are associated with buying a property/home? Actually, I'm planning to buy a home so I need to know this.
When ye planning to buy a home, you will be liable for paying the mortgage down payment, closing costs as well as other expenses. If yoing for a conventional mortgage, then you need to offer 20% down payment and if you want to take out a FHA loan, then you will be liable for paying a down payment of 3.5% - 5%. Some of your other expenses will include moving costs, home inspection, etc.
Welcome Gracious,
The closing costs will include application fee, loan origination fee, appraisal fee, points, home inspection fees, private mortgage insurance, prepaid interest, homeowner's insurance, escrow funds, etc.
The closing costs will include application fee, loan origination fee, appraisal fee, points, home inspection fees, private mortgage insurance, prepaid interest, homeowner's insurance, escrow funds, etc.
It was me above... got logout somehow!!
Hello Gracious,
Keep in mind that there are one-time costs associated with the purchase of a house, like closing costs and realtor fees. If you only plan to live in a place for a year or two, this averages out to a lot of money per month, and usually makes it cheaper to rent.
:idea:
Keep in mind that there are one-time costs associated with the purchase of a house, like closing costs and realtor fees. If you only plan to live in a place for a year or two, this averages out to a lot of money per month, and usually makes it cheaper to rent.
:idea:
