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Started By
Message
Help: Looking at my first home
Posted on 1/2/13 at 1:26 pm
Posted 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.
TIA
TIA
3
Posted 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.
Posted on 1/2/13 at 1:55 pm to braindeadboxer
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.
Posted on 1/2/13 at 2:17 pm to braindeadboxer
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.
Posted on 1/2/13 at 2:22 pm to braindeadboxer
if you have questions, you can always call me at 225.291.7901 x 224,no obligations,i'm in the mtg business. 
Posted on 1/2/13 at 2:36 pm to lsu tigerdog
I appreciate it. If thats a personal number you may want to edit it out before some moron from the OT Lounge discovers it. 
Posted on 1/2/13 at 7:55 pm to braindeadboxer
Ask what fee the appraiser is actually being PAID, in relation to what YOU are paying for the appraisal.
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