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i don't plan to get a mortgage until 2014 but i'd like to know how much i need to save.
aside from the down payment, what other fees should i anticipate? i know some can be added to the loan but it'd be nice to get a ballpark figure whether it be in dollars or percentages.
VA, FHA, or conventional... what did everyone pay to apply, inspections, fees, etc?
thanks so much!!!
I also paid $450 to the home inspector and $475 to the appraisal company. Plus $100 earnest deposit on the house.
thanks for the response! i thought i needed 2-3K on top of the down payment just to go throught the process so that's good to know
@mschang wrote:thanks for the response! i thought i needed 2-3K on top of the down payment just to go throught the process so that's good to know
Sometimes you can make an offer on a house which requests up to 3% sellers assistance in closing costs (closing fees)... something to think about.
I should have added, I wrote into my offer that the seller would pay 3% closing costs, so all I was on the hook for was my down payment and inspection and appraisal.
I am currently in the process of buying a home(well more like I just made an offer and praying they accept). The "other" fees are:
Appraisal Fee $500
Inspection about $350
Earnest Money $500
I asked seller for 3% closing cost. Just in case I would have the 3% if the seller does not want to pay.
3% are closing costs? as in the down payment required for an FHA loan? holy crap!
and do you have to consider the realtor's commission e.g., you're preapproved for 100K but it's really 97K because the commission is 2K?
you guys are great when it comes to helping the newbies... i wanted to confer with a LO but i want to get a couple more baddies off so i can keep a relationship with that person if we work well together and not run to someone else out of CR shame!
You got some things wrong, closing costs are seperate from you down payment. I am assuming we are talking FHA loan, you have to make your own down payment. the seller can pay closing costs. You as a buyer have no concern as to the realtors commission, it comes out of the sellers end of the deal. You need to do some research on FHA loans and structuring and understand what you are getting into to. My LO was not helpful with credit removals, most of us here did that on our own or with a specialist. I used an online law firm and basically added 25 to 100 points on each report in under 3 months.
i know they're separate... it just made me think that closing costs would be 3K for a 100K loan that's all. not sure about which loan i'm getting; i can do VA, FHA, or conventional but i would think fees are pretty general.
i read the sticky about mortgages but it seems that people think basic things like fees are generally understood... but they're not to me!
If you think you are VA eligible get you VA cert. It is my understanding that with the VA loan you do not have to provide a down payment. There is nothing general or typical anymore about this process, it can change daily!! Its a very frustrating process to say the least. Some LO dont even fully understand it! I followed lots of the stickies and Shanes advice was sound and right on.