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fees on top of down payment?

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mschang
Regular Contributor

fees on top of down payment?

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!!!


Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
Current Score: EQ FICO 660 EX FICO 642 TU FICO 606
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Message 1 of 15
14 REPLIES 14
Ron6262
Regular Contributor

Re: fees on top of down payment?

    I also paid $450 to the home inspector and $475 to the appraisal company.  Plus $100 earnest deposit on the house.

Message 2 of 15
mschang
Regular Contributor

Re: fees on top of down payment?

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


Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
Current Score: EQ FICO 660 EX FICO 642 TU FICO 606
Goal Score: 680
Message 3 of 15
webhopper
Moderator Emeritus

Re: fees on top of down payment?


@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.

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Message 4 of 15
Ron6262
Regular Contributor

Re: fees on top of down payment?

   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.

Message 5 of 15
ceva02
New Contributor

Re: fees on top of down payment?

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.

 


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Message 6 of 15
mschang
Regular Contributor

Re: fees on top of down payment?

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!


Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
Current Score: EQ FICO 660 EX FICO 642 TU FICO 606
Goal Score: 680
Message 7 of 15
Ron6262
Regular Contributor

Re: fees on top of down payment?

   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.

Message 8 of 15
mschang
Regular Contributor

Re: fees on top of down payment?

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!


Starting Score: EQ FICO 588 EX FICO 587 TU FICO 588
Current Score: EQ FICO 660 EX FICO 642 TU FICO 606
Goal Score: 680
Message 9 of 15
Ron6262
Regular Contributor

Re: fees on top of down payment?

   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.

Message 10 of 15
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