I like my clients to come into the home buying process prepared and educated.  So, I’ve put together a list of the costs typically associated with buying a home.   Remember, some costs are negotiable but must be stated in the contract.

•    Purchase Price of the Home
•    Down payment (varies according to the loan but typically 3 to 5% for a conventional loan; 3.5%
for FHA; there are also various down payment assistance programs available—ask your lender)
•    Earnest money (per seller but typically 1% of purchase price)
•    Mortgage title policy  (per lender ~$140)
•    Endorsements that lender may require  (Form 100 - $40 & Form 8.1 $40, etc.)
•    Recordings ($6.00 per page + $1.00 for each separate page)
•    Doc fee  (.10 per $1,000 of sales price)
•    Premium for hazard insurance  (per  insurance carrier)
•    Escrows for taxes and insurance  (per lender)
•    Loan origination fee  (per lender, usually 1% of loan amount)
•    Survey or ILC  (per lender, typically $175 or more)
•    Credit Report  (per lender, typically $65 or more)
•    Appraisal fee  (per lender, typically $375 to $400)
•    Prepaid interest on new loan  (per lender)
•    Miscellaneous loan fees from new lender  (per lender)
•    Tax Certificate  ($30 or more)
•    Real estate closing fee  ($250 or more and can be split between Buyer and Seller)
•    Loan closing fee  ($220 or higher)
•    Private Mortgage Insurance  (per lender;  required when down payment is less than 20%
of purchase price)
•    Final inspections  (per inspector)
•    FHA mortgage insurance  (if FHA loan)
•    VA funding fee  (if VA loan)
•    Herman Group Real Estate fee ($299)
•    Courier Fee/Overnight Fee  ($30 or more)
•    E-mail doc fee  ($20 or more)
•    Wire fee/Cashier’s check fee  ($15 or more)
•    Discount points  (negotiable)

Have questions? Feel free to contact me or give me a call at 303.815.8950.