Typical Home Purchase Costs
The following is a list of costs assoicated with buying a home. Don't be caught off-guard! Use it to help plan the next purchase of a home.
- Appraisal: An estimate of real estate vaule, usually issued to the standards of FHA, VA, FNMA. Recent comparable sales in the neighborhood are the most important factor in determining value.
- Origination Fee: A fee charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan.
- Points: or Loan Origination Fee, each point is 1% of loan amount.
- Interest on the Loan: Interest covering the period from closing date to the end of the month.
- Attorney's Fee
- Survey Fees: Lender or Title Insurance Company may require a registered survey or map showing the location of the house and the boundaries of the proerty as well as easements and rights of way.
- Recording Fees: The buyer ususally pays the fee for legally recording the new deed and mortgage.
- Homeowners Insurance: Proof of current policy is necessary at the closing.
- Title Insurance: An insurance policy which protects the insured (purchaser or lender) against loss arising from defects in title.
- Private Mortgage Insurance (PMI): Insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default.
- Termite inspection
- Building Inspection
- Taxes: Buyers portion of pre-paid property taxes.