04/09/2025
Getting ready to make a move?! Here are a few costs that will come up while you’re under contract and closing!
✨ Earnest Money Deposit or your initial deposit. This is your skin in the game, shows the seller you’re serious about this home. It ranges from 1-3% of the purchase price and is due shortly after acceptance.
✨Down Payment is the percentage down you’ll be putting toward the purchase of the home. Some loans are 0% down, most commonly it ranges from 3-20%. Your EMD will be put towards this cost and is not an additional cost. The of your down payment remainder will be due at closing.
✨Inspections! These are some of the most important tasks when buying. A home inspection ranges from $500-$700. It’s likely you’ll need a termite inspection as well. If the home has a septic tank or the area is commonly known for underground oil tanks, you’ll want to have these inspected as well. Inspections happen with in 7-10 days after attorney review is completed. Payment is due at time of inspection.
✨Appraisals are ordered by your mortgage company. Each lender has a different panel of appraisers who typically charge between $400-$600. This is due at the time of order, just after inspections are completed.
✨Closing costs are typically 2-5% of the loan amount. There are a few fees you can control and some that are fixed. Your lender can review this with you to make informed decisions! This cost is due at closing and is the last step before…….
HOMEOWNERSHIP! 🎉 AnnieMac is here to work with you!
https://myoc.io/mortgageswithmelissa
