June 24, 2017
Be Ready for the Additional Costs of Buying a Home
While there a lot of great surprises in life…unexpected birthday parties, a scratch-off ticket win or meeting the love of your life on the Internet, there are also plenty of not-so-pleasant surprises that may come your way. If you’re lucky enough to be tipped off as to the existence of some of them, you can avoid running headlong into them. When buying home, plenty of buyers – especially first-time buyers – can be caught unaware when they’re looking at the additional expenses involved in buying a home. These “hidden costs” can add up quickly, putting you in a less than ideal position. At Ernest Signature Custom Homes, we want to make sure you have all the information you need to make an informed decision about home ownership. If your goal is to own new construction in Savannah, GA or one of its surrounding communities, read on. We’re here to give you a heads up on some little known facts about the financial side of buying a new home. Fees – What You Can Expect
- Government recording charges: To record your deed, mortgage and loan documents, state and local governments will each charge fees.
- Appraisal fee: How much is your home worth? You’ll need an appraiser to make that call, and you’ll foot the bill.
- Credit report fees: You’ll also cover the cost of the credit reports your lender had to pay up front to obtain.
- Title services and lender's title insurance: These fees are charged for services related to your home's title. They’ll also be passed along to you.
- Flood life of the loan fee: The government will monitor all changes in your property's flood zone status; you'll pay a small fee.
- Tax service fee: Although small, be ready for this fee that ensures that the taxes previously paid on the house or property are up to date.
- Lender's origination fee: This charge for processing your loan application can be pretty pricey. Here’s an example: If you score a $97,000 mortgage loan with an interest rate of 3.5% and no points, you’ll be responsible for $795.
- Attorney’s fees