the mortgage broker says that all i have to do is sign some papers wait for a closing date pretty much that’s it the house is mine. But from what i read on the internet the house needs to be inspected which cost 300-500 need to be appraised right?? there’s like a whole process but i just need to know like all the cost involved to how much money i need upfront PLEASE HELP ME !!!!!!! THANKS
Honey, you need to go back to your mortgage broker and ask him to explain everything from the beginning. You said ,that you sign all the papers and still don’t know what is your down payment or your interest rate and how much are your closing costs?
This is his job to spend as much time with you as you need ,to understand the whole process.If he refuse to talk with you or provide you with the copies of the papers you sign- WALK AWAY from this broker, because he is not the right person to work with.
I’m sick and tired to hear about people like your broker who take advantage from innocent people who are learning about mortgages and afraid to ask the question.
I’m buying my first home. I got a mortgage broker but i have so many questions . ?
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You should get a real estate agent to help you. It won’t cost you anything other than a couple-hundred dollar administrative fee.
References :
Yup.
Home inspection $400
Appraisal $500
Read about escrow. I never did it. I like to pay my property taxes, and home insurance myself. Not give the money to a bank to hold for an entire year without interest.
Home inspection is your best tool. If anything is wrong you can either have the present owner fix it, or he can take the amount off the selling price. The inspection report gives you an estimated price of every repair.
This took 5grand off the price of our first house.
If nothing is wrong with the house, ask to have it repainted or reroofed. Bargain, bargain, bargain. Be a pest.
Closing costs are for things like title search, and the banks fees. Make you you never, ever, ever get one of those ARMS. They are money makers for banks, and bad for you. You want a plain 30 year fixed, with no penalties for anything.
References :
You will need a deposit(depending on your area $1000-2000), Deposit goes to the closing table.
Apraisal, $400-500
Inspections, My guy charges $300,
Home Warranty, A Must Have, ASH is what I recommend, $470.
Closing Costs, You may be able to negotiate for the seller to pay a portion, ($4000-7000)
References :
I am a Realtor