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Purchasing a Home Your Costs

By
Mortgage and Lending with Florida Energy and Air Services

Purchasing a Home Your Costs

There are many steps in the purchase of your new home.  Below is an outline of what you should expect after your offer has been accepted by the Seller.

  • Once you have made an offer and it has been accepted you will be asked by your Realtor to place the required good faith deposit amount into an escrow account.  It is important that the check comes from an account with your name on it.  It is also important that the funds are yours and not coming from a credit card,  credit card check or gift. 
  • Next the Home Inspection will be ordered by your Realtor within the time frame allotted for in the purchase contract.  The cost of the home inspector can range between  $150 to $400.  It is your choice who you use.
  • Once a satisfactory home inspection has been completed an appraisal will be ordered.  Based on the kind of loan you are obtaining this can $300 to $450 depending whether you are going conventional or FHA/VA financing.
  • A termite, septic, roof, well or engineering inspection may be required depending on the type of financing you are obtaining.  You will be notified upon receipt of your contract if any of these inspections will be required and what the cost will be.
  • A survey will be ordered if you are financing your purchase.  The cost will range between $275 and $400.
  • You will be required by the lender to obtain Homeowner's Insurance.  Your first year insurance must be paid prior to or at closing.  Please be aware that depending on where the address of the property you are purchasing is you may be required to carry Flood Insurance.
  • Depending on your sales contract with the Seller you may have negotiated to have some or all of your closing costs to be paid at closing.  This does not negate the fact that you may be asked to pay for certain third party fees prior to closing.   These fees may be any of the above costs mentioned.  Neither your Realtor nor Mortgage Broker can control if any of the above vendors may ask to be paid at time of service.
  • Please be aware that depending on your financing approval you may be required to put money down on your new home at closing.  If for example you have been approved for 95% financing on the sales price of your home please plan accordingly to make sure you have your required money down and your required closing costs for you loan.

Please use the above as a guide to help you through the process of purchasing your home.  Remember to ask questions and stay informed throughout the process.  If you feel overwhelmed do not think twice about picking up the phone and talking with your Realtor or Mortgage Broker.  That is what we are here for to help you through the complicated and exciting process of purchasing your new home.

Dominick Gaccino
Dominick gaccino - Peekskill, NY

Dont forget about the closing costs for the loan

 

Im licensed in Florida so anything i can help you with please let me know

 

DOMINICK GACCINO

First Suffolk Mortgage Corp

914-391-2388

www.dgaccinohomeloans.com

www.firstsuffolk.com

Jul 02, 2007 11:53 AM
Marie Wright
Florida Energy and Air Services - Clearwater, FL
Thanks Dominick,  It is meant more for the borrower to get a grasp on the third party vendors that are used prior to the closing and the process as to waht the flow is.  I guess I didn't really make that clear.
Jul 02, 2007 11:59 AM
John Occhi
Excellence in Real Estate Tm @ Allison James Estates & Homes - San Jacinto, CA
ePRO, Five Star Certified, Riverside Cnty REO Expert, 951.443.6259
Good information, thank you
Jul 02, 2007 12:12 PM
Marie Wright
Florida Energy and Air Services - Clearwater, FL
thanks John.  I appreciate that.
Jul 02, 2007 12:19 PM
Dominick Gaccino
Dominick gaccino - Peekskill, NY

i understood what you wre going for

 

just want to make sure clients do as well

Jul 02, 2007 12:38 PM
Rod Hawkins
F&M Mortgage NMLS ID # 628400 - Clarksville, TN
People buying a home will really get informed from this.  Good information.
Jul 03, 2007 05:00 AM
Marie Wright
Florida Energy and Air Services - Clearwater, FL
Thanks Rod,  I appreciate the kudos.  I actually modified it from when I originally wrote it to be relevant for today.
Jul 03, 2007 05:10 AM
Lizette Fitzpatrick
Lizette Realty - Richmond KY - Lexington, KY
Lizette Realty, Lexington KY MLS - Kentucky Homes
Nice guide written in plain english! In Kentucky lenders don't usually require a survey but the new homeowner might want one if they will be installing a fence.
Jul 03, 2007 07:35 AM
Marie Wright
Florida Energy and Air Services - Clearwater, FL
Lizette - Thank you for that..Wow that is good to know about Kentucky lenders and surveys. It is always amazing to me that the same lenders in different states can require such different things to close the same loan...
Jul 03, 2007 10:41 AM