Help: Looking at my first home(Posted by braindeadboxer on 1/2/13 at 1:26 pm)
List price, $154,900. It doesn't need any work. I'm putting the standard 20% down. That puts the loan at $123,920. What additional costs will be included in that loan. I'm mainly looking to think of unexpected costs.
re: Help: Looking at my first home(Posted by KG6 on 1/2/13 at 1:29 pm to braindeadboxer)
Down payment and closing costs are what you are going to have to pay. Closing costs can include any loan origination fees (points), bank appraisal, title fees, attourney fees, 1st years insurance, etc. You're probably looking at an additional $5k give or take in fees.
hopefully you get loan with no origination/points, standard fee from lender which is underwriting,lender is going to want 15 months of coverage for homeowners and abt 4 months for taxes, this is to set up your escrow acct plus your fees from the title company.
Thanks, this is what I'm trying to wrap my head around. Basically $30,980 DP plus ~$5,000 means I can be expected to shell out ~$36,000 up front minimum. I'll prepare to spend ~$40,000 to be safe. This is making me nervous as frick. I'm 25 and have been hoarding cash since graduating 2 years ago. I know this is the next step for me, but damn it feels weird handing over a huge chunk of what I busted my arse to get.