Fees You Want to Know About When Buying a Home

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On Top of the Home Purchase Price, Homebuyers Need to Budget for Common Fees

  • Title Search – Make sure you own this title free and clear, in the unlikely case the person who sold you the house didn’t own it or information on the title was false.
  • Survey Fees – If an existing survey cannot be obtained you will want to pay for a property survey to establish the precise legal boundaries of the property.
  • Appraisal Fees – This is a written justification of the price paid for the property, primarily based on comparison sales of nearby homes.
  • Home Inspection – Insure your property is without major structural flaws, faulty electrical or plumbing systems, dangerous mold, termites or other hidden flaws that can be costly later.
  • Escrow Fees - An escrow account will hold the money while the buyer and seller finalize the agreement. Additionally, you will most likely have a portion of your monthly mortgage go into an escrow account to pay property tax and insurance.
  • Credit Report Fees - To secure a loan the lender requires a verified credit report.
  • Origination Fees – This is paid to the mortgage lender for their service in creating the loan and is generally 1 percent of the loan value and often worked into the cost of the total loan.
  • Home Insurance - When taking out a mortgage to purchase a home, insurance is required. A homeowner's insurance policy combines personal liability insurance and hazard insurance covering the dwelling and its contents.
  • Moving Costs – Truck rental or professional movers.

Some fees might be waived or paid for by the home seller. Regardless, you will want to understand what the fees are and who is responsible for paying them during the finalization of the purchase.

 

Getting the Best Mortgage Rate:

Using an independent mortgage broker to find a home loan will save time and effort when searching the market for the best deal.

Don’t accept the first mortgage offered to you by your bank. An independent mortgage broker works with you to shop around and find the most competitive rates and customize your mortgage plan to meet your specific financial needs.

For more information about current mortgage rates or initiate your prequalification, contact Options Mortgage Services of Alpharetta, 678-482-1578.

APPLY NOW FOR BEST RATE FROM LOCAL LENDER

 

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