Once you’ve received a pre-approval letter from a lender, you are on your way to purchasing your new home! You and your lender will have determined what type of loan best suits you and the Downpayment needed for that particular loan, which is the percentage of the home’s purchase price that you pay upfront when you close on your home. Your lender will also give you the approximate amount of Closing Costs - the fees you pay to your lender and the title company for administering and processing the loan, and your prepaid items. Prepaids are the upfront cash payments you make at closing for certain mortgage expenses before they’re actually due. These include homeowners insurance and property taxes.
There are also some “upfront” fees you will encounter within the first couple of weeks after acceptance of your Purchase Agreement. These include payments for the Appraisal, your Home Inspection, and your Deposit.
These are just a few of the things I cover with buyers when we first meet in our initial Home Buyer consultation. If you want more information, or would like to set up a meeting, call me at . I'm here to help educate you about the process as you purchase your new home!