What it takes to purchase a home…tips for planning

What it takes to purchase a home…tips for planning

When thinking about purchasing a new home, it’s always a good idea to factor in the closing costs so you can properly plan and manage your finances. In general, you can expect to pay 2-5% of the purchase price in closing costs in addition to the down payment.

 

Total costs at closing can typically include the following:

β—¦ Down Payment Β 3.5% – 20% of the purchase price depending on a buyer’s qualifications and type of loan.

β—¦ Earnest Money Deposit (generally 3% of the purchase price) Β The money put down with a real estate purchase offer Β – it usually goes into an escrow account upon acceptance of the offer by the seller and is part of the buyer’s total closing costs and down payment.

β—¦ Lender Fees Β Includes charges for loan processing, underwriting and preparation

β—¦ Third-party Fees Β Includes appraisal fees, inspection charges, home warranty, mandated state disclosure reports (not already paid by seller)

β—¦ Government Fees Β Includes deed recording, possible state and city taxes

β—¦ Interest FeesΒ  Includes mortgage interest and pro-rated interest

β—¦ Escrow Fees Β Includes owner and lender title insurance, escrow fees, document preparation

β—¦ Property Taxes Β Includes capital tax based on sale price, local taxes

Please do not hesitate to contact us when you are ready to take the next step. We can help you to get approved and guide you on the way to home ownership. Β What can we do for you?

Remember to follow our BlogΒ for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help. Β 

Email Sabrina & Susan at:Β  Info@TheCatonTeam.com

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Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient.Β Responsive.Β  What Can The Caton TeamΒ Do ForΒ You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

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Sabrina Caton - The Caton Team Realtors

A native Californian with a passion for residential real estate and writing. A full time Realtor with Berkshire Hathaway HomeServices - Drysdale Properties.

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