Lender Talk - Cost
Scott Trout talks with Lisa about all the fees that may come up when getting a mortgage. When you have decided now might be a good time to make the leap to home ownership, one of the first things you should do is find a lender. Different lenders are going to be able to offer you different fees, it's not always just about the best interest rate.
Fees will include underwriting, appraisal, title, transfer tax, and property tax. All of these are in addition to the down payment you may bring for the loan.
The down payment needed will depend on the type of loan program. Check out part 3 in this series for the breakdown of each program. At the end of the day it would be best to have an additional $5,000 - $7,000 in reserves to cover the additional fees mentioned above.
Make sure to talk with a local lender as they are going to have a better understanding of not only the current market in your area but also the taxes and fees that will come up based on the specific area you are looking in. Often time out of state lenders are unaware of these specifics. Your lender will talk you through all the options as well as help you find the best path for you to take to get you into a new home.
If you have any questions or are interested in our next first-time homebuyer seminar please reach out.
Call Lisa Jackson today at 724-884-5677 or Email: [email protected]
Our Team would love to help you!
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