Question: How much money do I need to buy a home?
Down-payment - depending on your loan the minimum amount down can range from 0% to 20% of the purchase price.
Closing Costs - this number can vary but usually runs between 3% and 6% of the purchase price. These costs include transfer taxes and prepaids for property taxes and home-owner insurance. Many contracts can be written so that sellers will pay some or all of the closing costs. Depending on loan type there may be limits to the amount of closing costs that can be accepted.
Earnest Money Deposit - This will be a check that accompanies your offer to purchase a home. This money gets applied to your downpayment at closing.
Home Inspection - This is the amount needed to have a certified inspector review the condition of the home. This cost can range from $200-$600 depending on size of home.
Pest Inspection - This inspection investigates for termites. The cost ranges from $35 to $60 and can usually be paid at closing.
Appraisal - This is used by the bank to establish the value of the home. Many mortgage companies will require that this fee be paid up-front whereas others will allow it to be paid at closing.
If you are interested in buying a home in Prince George's County, MD give me a call.
If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.
Dr. Stacey-Ann Baugh
Century 21 New Millennium
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!