Buying A Home

Probably the most frequently asked question when buying a home is the cost of closing.

So let’s talk about everything in order:

When buying a house, you need to remember that besides the down-payment, you will have additional costs equal to about 2-5 percent of the property value.

Here are some of the buyers closing costs:

Payment for filing documents for a loan in a bank (Mortgage Application Fee)
Payment for the appraisal of the house by the bank
Payment for title company services. Paid by both the seller and buyer.
Credit Report – Checking your credit with banks, lenders and credit cards companies
Home insurance
Payment of real estate tax
Payment for home owners association (HOA fee)
Payment for receiving the information package of the owners’ association and transfer of documents to the new owner (HOA information and transfer fee)

Private mortgage insurance, if the down payment is less than 20%
Title Insurance – usually paid by the seller.
Origination Fee – commission for issuing a loan. Usually 1% of the mortgage amount
Survey

Please note that your loan officer or a title company representative can give you the exact details of the costs, once the property address is known and closing date is defined.

Some of the costs are a simple matter of negotiation between seller and the buyer. Sometimes when submitting an offer, you can agree with the seller to pay a portion of the closing cost, each transaction is different so there is no specific example we can provide.

How to submit an offer that protects your interests and save on closing costs?

What should you pay attention to when buying a property?

We are happy to answer these and other questions: 832-359-4226.

Elena Jackson, Lead Realtor, Walzel Properties, LLC

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