According to a recent survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.
After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.
“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.” – When To Buy A House?
Bankrate.com recently gathered closing cost data from lenders in every state and Washington, D.C. to be able to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.
Keep in mind that if you are in the market for a home above this price range. your costs could be significantly more. According to Freddie Mac,
“Closing costs are typically between 2 and 5% of your purchase price.”
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to. When To Buy A House.
Buying a home usually represents your single biggest investment .
When To Buy A House? The home buying process is one of the most exciting, and frequently stressful, experiences you’ll ever go through. This holds true whether you’ve bought many homes or you’re looking to buy your first, whether you’re in the market for a new primary residence, an investment property or that perfect ?vacation getaway. Today’s real estate market can offer more opportunities, yet? can be filled with more risks than ever before. There are a multitude of factors to consider and decisions to make when Buying a home . When To Buy A House? it’s crucial to have all the available resources necessary to make a well-informed decision, together with the time required to make use of them. It’s important to enlist the help of a trusted real estate professional ” Keith Kreis “who’ll be able to provide expert guidance at each step of the buying process. Finding and Buying a home includes the following steps, which we’ll examine in more detail throughout this booklet:
1.) Define your goals, research your options, make your plans
Given that home buying process is such a big step, it’s very important to educate and prepare yourself as much as possible. This means clearly determining the reasons you’re buying and what kind of home you’re looking for. Since home buying process and financing Buying a home are so closely related, it also means examining your current financial situation and projecting how much you can afford. Once you’ve answered these questions, even tentatively, you’ll be in a better position to research housing and mortgage options, and create an action plan and timelines for moving forward. Although it is possible to do this yourself, you may benefit by consulting an experienced real estate professional like myself to help guide you right from the start. When To Buy A House
2.) Contact a real estate professional
Buying a home is a complex matter with many factors to consider since no two homes or transactions are alike. Moreover, with all the unique opportunities and potential pitfalls of the current market, it’s more important than ever to contact a real estate professional “Keith Kreis “decided to buy property. When choosing a real estate professional to guide you through the property search, financing, negotiation and transaction processes, you should consider my local market knowledge, experience, and track record in home buying process .
3.) Get pre-approved for a loan
We recommend that you get pre-approved for a loan before you start viewing homes with the serious intention of finding home. The pre-approval process involves meeting with a lender and authorizing them to examine your current financial situation and credit history. On the basis of this examination, the lender may provide you with a document detailing the amount you can borrow to Buy Home. Consider looking online to see what different lenders offer, or contacting your local bank or credit union.
If you want to know about How & When To Buy A House visit the Steps in Buying a House