Travis Anderson Real Estate Team
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651-485-6383

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Before you begin your research, you should Know Your Rights as a consumer - click here for more information.


Costs of Buying a Home

There are three major types of expenses that you will encounter when you buy a home: 

1. Pre Paid Items - Pre Paid Items are expenses that are required to be paid before the buyer takes title to the property (Closing).
  
2. Down Payment - In most cases, a buyer is required to bring some money to the table to close in the form of  a down payment.  This is paid at closing and is applied to the balance of the purchase price.

3. Closing Costs - At the closing table, there are mortgage, title, and government fees that the buyer must pay.  These costs can also be paid by the seller if previously agreed upon and negotiated into the purchase price breakdown of these costs in sequential order of the buying process.  Keep in mind that these fees are estimates and may vary depending on the home, the market conditions, and the buyers ability to obtain proper financing.

Breakdown of Costs

1. Earnest Money - $1,000 (Or More, Amount is Optional)
2. Private Home Inspection - $350 - $500
3. Liability Home Owner's Insurance - $650 - $1250
4. Appraisal - $450 (Some Lenders allow this at closing) 

Total Pre Paid Expenses : $2450

1. Mortgage Fees - 1 - 5% of the Purchase Price
2. Title Fees - $1,000 + (Depending on home price)
3. Down Payment - 3.5% + (Depending on Qualification) 

Total Down Payment + Closing Costs : 6% or More of Purchase Price

THERE ARE PROGRAMS THAT ALLOW BUYERS TO PURCHASE A HOME FOR LITTLE OR NO MONEY DOWN!!!  THESE PROGRAMS ARE HANDLED ON A CASE BY CASE BASIS.  THE NUMBERS THAT ARE LISTED ON THIS SITE ARE FOR REFERENCE ONLY AND ARE NOT INTENDED AS A QUOTE.  IN FACT, MORTGAGE COMPANIES & TITLE COMPANIES WILL PROVIDE THEIR QUOTE IN A GOOD FAITH ESTIMATE.

ALSO KEEP IN MIND THAT SOME OR ALL OF THE CLOSING COSTS CAN BE PAID BY THE SELLER.


YOU CAN ALSO HAVE A PRINTER FRIENDLY VERSION OF THIS IN OUR BUYER BOOKLET.  YOU CAN REQUEST A BOOKLET IN THE BUYER'S MORE PAGE.

Call Travis Anderson for more information - 651-485-6383