when buying a home(first time) where are most of the expenses from the loan

Credit and mortgage advice Forums Buying Your Home when buying a home(first time) where are most of the expenses from the loan

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This topic contains 8 replies, has 7 voices, and was last updated by  Anonymous 7 years, 7 months ago.

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  • #199698


    going to- read more…? here’s a scenerio- i take out a 100,000 loan. will i have to fork out more money for lawyers, closing costs, etc., or will that be included in the loan amount??

  • #257890


    It may or may not be included in the loan. Typically you pay those expenses out of pocket. There are some special programs for first time home buyers that will assist you with the closing costs but you must ask your lender for the details. You will need to pay for a title search, inspections, appraisal, attorney fees, prorated taxes, and some other expenses depending on how you negotiated your contract. A REALTOR can help you make sure you are only paying what the buyer has to pay!! Even with all of the costs that are associated with purchasing a home it is well worht it. Good luck and happy house hunting(if you haven’t found one yet)!

  • #415762


    i suggest u
    i hope it will be helpful in resolving your problem keep using answers.yahoo.com

  • #415763


    Only pay for points if you know you will stay in your home for the life of the loan.
    If you plan to move 10 or 20 years down the road, it may not be worth it.

    Better move (besides points), pay down your mortgage when you get extra cash in your future.

  • #415764


    It’s average depending on your loan specifics (amount of loan, credit score, state, etc.) Giving a borrower a credit towards closing costs is pretty common. If you want to compare the offer to other lenders try Zillow.com. They have a marketplace where you can submit a loan request and get quotes from multiple lenders.

  • #258028


    Closing costs are almost always additional out of pocket expense for a purchase loan. Many lenders will allow the seller to contribute up to 6% of the total loan amount towards closing costs. But you will still have to buy a 12 month homeowners insurance policy prior to the closing. you can sometimes get a “no points” loan to keep some of the costs down, but you will pay much more over the long haul as your interest rate will be much higher.

  • #263978


    Contact a local mortgage broker and ask them for a Good Faith Estimate. This breaks it all down for you.

  • #289754


    You should consult with a real estate agent and mortgage lender to get specific answers. Basically, you’ll need some earnest money up front when you make an offer on a home, but that’s applied to the loan eventually. It’s a good idea to get a home inspection before you buy, which you have to pay for yourself. Also, there may be some repairs that you and the seller negotiate on, so that could be additional money up front. The loan fees and commissions will probably all be included in the loan amount. Buying a first home is complicated so make sure you have professionals helping you!

  • #289775


    All extra my friend.

    Think about it this way. The “Big Guy” will always stick it to the little guy.

    You can get some loans to cover closing costs, etc. But you have to pay extra..

    Get it ??? Big Guy…. Little Guy.

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