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EARNEST MONEY
This money is the “good consideration” you put forth
when you make an offer on a home. It is your show of
good faith that you are serious about moving forward
with the transaction. The amount of money you
provide as earnest money depends on several
conditions: how much you have available, how much
you want to put down, what you think the seller will
consider a “strong” amount. Your 360 Home Real
Estate Agent understands the importance of earnest
money and will present to your options and coach you
accordingly.
HOME INSPECTION FEE
Home inspections typically range from $250-$500 for
a standard home. You pay this directly to you
inspector and depending upon whom you’ve hired, you
may receive a detailed report of the condition of
the home. This fee is not refundable if you decide
not to buy the home, but is good protection against
purchasing a home with major problems. There are no
licensing requirements for home inspectors, so be
sure you choose carefully. Your 360 Home agent can
help you understand what to look for in an
inspector’s credentials.
APPRAISAL FEE
The
Appraisal is part of the closing costs of you loan.
This fee is typically $350-$500, usually paid upon
ordering. This appraisal is an analysis of the
property for the benefit of the lender. The lender
wants to ensure that the property is worth the
agreed-upon price and is in an overall acceptable
condition.
CREDIT REPORT FEE
This fee ranges between $18.50 to $79.00. Credit
reports are only valid for 90 days from the date is
was pulled. If your transaction extends beyond the
allotted 90 days another credit report may be
required which would be your expense.
RESERVES
Most loan programs will require you to have 2-6
months of reserves equal to your total monthly
housing payment in your bank account, 401K, IRA or
some other liquid or semi-liquid asset account.
Your mortgage consultant will explain the reserve
requirements depending upon the loan program that
best fits your needs.
DOWN PAYMENT
Your down payment is the difference between the
sales price and the amount of your loan. You are not
required to pay this amount until the signing of
your home. However, the lender will require you to
have it readily available in an easily accessible in
your account. Your 360 Home agent can explain in
more detail according to the loan program that is
best suited for you (this is only applicable to
programs requiring a down payment.).
CLOSING COSTS
These are costs above and beyond the sale price of
the property that must be paid to cover the transfer
of ownership at closing. These costs typically
include such feed as point, loan processing, a %
loan fee, flood certification, recording, appraisal,
escrow and title insurance.
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