Lets Talk Money

Costs Before Closing


There are some items that are required prior to closing. These are the most common items that are paid for before closing and a rough idea of what they cost:


  • Earnest Money Deposit-your realtor will request this as an enticement for the seller to accept your offer and take the home off the market. Good news-this is considered part of your down payment and will lower you overall cash due at the closing table TYPICALLY $500+
  • Home Inspection-again, your realtor will give a recommendation for a good local inspector if you need one. A home inspection is NOT required, but is recommended (would you buy a used car without taking it to the mechanic first?) TYPICALLY $300+
  • Appraisal-this 40+ page report is required to determine the value of the home. Good news-this is considered part of the closing costs and after it is paid for will lower your overall cash due at the closing table TYPICALLY $500+
  • HomeBuyer Education-depending on the type of loan you are getting, a class might be required. Many classes are free but there are some that aren't. TYPICALLY $75
  • Additional Required Inspections-sometimes additional inspections are required (pest, well, water, septic, structural, engineering, roof) We'll definitely let you know if any of these are needed VARIES GREATLY DEPENDING ON THE REQUIRED INSPECTION


Happy to help.
Questions? Call/Text/Email anytime
www.ceolender.com
269-220-0494

Comments

Post a Comment

Popular posts from this blog

Image
So real estate wisdom tells us that spring and summer are the prime seasons for house hunting and moving. People are more likely to get out and shop when the weather is nice. It is a more pleasant time of year, and sellers know their yards look better when not covered in snow. Yet there are some very logical and compelling reasons for going shopping for a house and moving in the winter as well. As we know, moving and real estate often go hand in hand, and though we'd like to dictate when we move and when we buy a house, very often other circumstances can emerge and force us to sell, buy and move anytime of year. But having to buy a house in the winter is not the worst thing that can happen. In fact, here are some advantages that show how you could benefit from house hunting in the winter. Fewer Buyers to Compete With The most obvious plus of buying and moving in winter is exactly because real estate wisdom says to shop spring and summer
Read more

What is the first step to buying a house for the first time?

 The first step to buying a house for the first time is to get your finances in order. Here are some specific steps you can take: Check your credit report and score: Your credit score will have a big impact on the mortgage interest rate you'll be offered. Check your credit report for errors and take steps to improve your score if necessary. Save for a down payment: Most lenders require a down payment of at least 3-5% of the home's purchase price, and a larger down payment can help you qualify for a better interest rate. Start saving as early as possible to build up your down payment. Get pre-approved for a mortgage: Getting pre-approved for a mortgage can help you understand how much house you can afford and make your offer more attractive to sellers. You'll need to provide documentation such as your income, employment history, and credit score to the lender. (you can apply here and we'll help with everything) Determine your budget: Use a mortgage affordability calcula
Read more

How can I get a mortgage with low income?

 Getting a mortgage with low income can be challenging, but it is possible. Here are some tips to help you increase your chances of getting approved: Improve your credit score: A higher credit score can help you qualify for a lower interest rate, which can make your mortgage more affordable. Paying bills on time, keeping credit card balances low, and disputing errors on your credit report can help improve your credit score. Explore government-backed loan programs: Government-backed loan programs such as FHA and USDA loans may have lower income and credit score requirements than conventional mortgages. These loans can also have lower down payment requirements and may be more flexible when it comes to income verification. Find a co-borrower: Having a co-borrower with a higher income and credit score can increase your chances of getting approved for a mortgage. However, it's important to note that both borrowers will be equally responsible for repaying the loan. Consider a lower-price
Read more