Buyers: Home Buying - Costs to Prepare For

Dated: September 5 2023

Views: 112

FAQ: How much money do I need to have saved for the home-buying process?⁠

⁠A: Some of the expenses you’ll want to prepare for when house hunting go beyond the down payment (but the good news is, you don't need 20% down to qualify for a mortgage)! Here are a few things you’ll want to keep in mind when budgeting for the home-buying process.⁠

⁠🔍 Home Inspection ($400-700, depending on the size of the home)⁠

⁠💰 Earnest Money (1-3% of the purchase price)⁠

⁠📊 Appraisal (Around $500)⁠

⁠🧾 Down Payment (Depending on the loan type you qualify for, this can vary but can be as low as 3% - check with a mortgage professional for exact numbers and percentages)!⁠

⁠💵 Closing Costs (Some of the items I mentioned above are part of your closing costs but the total closing costs may vary and can be determined by your lender)⁠

⁠🏡 Taxes & Homeowner's Insurance⁠

⁠If you want to learn what else to expect on the road to homeownership, I cover everything in my Buyer Consults but make sure you follow me for more tips or even better - let's set up a meeting!⁠

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Angelica Olmsted

Angelica’s path into real estate is rooted in a life full of diverse experiences and a deep appreciation for what “home” means. Growing up as an Air Force brat meant constant moves, and later, h....

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