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In addition to a down payment, here are some other expenses home buyers need to be aware of.
“Just because you’re spending hundreds of thousands on a home doesn’t mean you should be comfortable throwing thousands of dollars at fees.”
Be sure to ask your lender or Realtor® any questions you have concerning the fees you’re being charged. In addition, your real estate agent may be able to help you negotiate the cost of some of these home-buying expenses.
Home inspection: Inspectors will look for any signs of structural issues, mold and leaks. They also assess the condition of the roof, gutters, HVAC, water heater, plumbing, electrical system, and more.
Appraisal: Mortgage lenders require an appraisal report to ensure that the property is worth the sales price agreed upon by the buyer and seller.
Loan application: The lender will charge fees for running your credit report and processing your application. Be sure to ask for an itemized list of these charges.
Mortgage loan origination fees: These upfront costs, which are associated with underwriting and funding the loan, are quoted as a percentage (typically 0.5 to 1.5 percent) of the total amount borrowed.
Private mortgage insurance (PMI): Lenders generally require buyers to put down at least 20 percent of the purchase price of the home. Otherwise, PMI is required to protect the lender if the buyer should default on the loan. The PMI should be automatically canceled once the buyer reaches 78 percent of the loan-to-value ratio.
Tax service: This fee ensures that the seller’s tax payments on the property are up to date and that the buyer’s payments are correctly credited.
Property survey: This report outlines the boundaries, dimensions and major features of the property.
Title services: Title companies charge fees to cover the title search, notary costs, government filing fees, and more to ensure the buyer receives a clear title to the property.
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Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent
Oregon First, Realtors
Direct 503.380.9634
Email- Homesforyou@frontier.com
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