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October 22nd, 2018 by

Home Buying Fees
When you're looking at South Bend homes for sale, it's important to pay attention to your budget. Unfortunately, many people don't think about the additional fees you'll encounter when buying a home. The exact amount of money you'll need can vary significantly. Even though you may not have a firm number until you are going through the closing process, there will be extra expenses, so you need to be prepared. Don't let any of these fees catch you by surprise.

Before You Buy a House Know What You Could Be Paying

  • Home Inspections. Most people know about the general home inspection, but depending on the property, the results of the general inspection, and local ordinances, additional inspections may be required.
  • Appraisal Fee. This is part of your closing costs. The mortgage lender uses this to cover the cost of having the property appraised.
  • Credit Report Fee. Many lenders charge a fee to get your credit report.
  • Loan Origination Fee. This is charged by the lender to cover the cost of processing your loan application. It is usually between .5% and 1% of the total loan. Some types of loans allow these fees to be rolled into the loan, so you don't have to pay them at closing.
  • Underwriting Fee. This fee can be included with the origination fee or listed separately. Underwriters verify, evaluate, and approve or deny the loan application for the mortgage provider.
  • Title Service Fee. This covers the cost of researching to make sure the title is clean and the premium for lender's title insurance that protects the lender in the event someone in the future would file a lawsuit saying they have claim to the property.
  • Private Mortgage Insurance (PMI). This doesn't apply to everyone, but if your down payment is less than 20%, you may be required to pay for private mortgage insurance. Although this is often part of your monthly mortgage payment, some lenders may require part or all of it to be paid upfront at closing.
  • Points. Not everyone pays points on a mortgage. This is a fee is paid to the lender at closing to reduce the interest rate on your mortgage.
  • Attorney Fees. Although at the time of this writing, Indiana does not require an attorney to be present at closing, many people opt to have their attorney review everything for their peace of mind.
  • Land Survey. This is generally required by the lender or title company to verify property lines and the location of buildings.
  • Property Taxes. Property taxes are paid in advance. You will have to pay taxes for the closing day to the end of the current tax period. You'll have to reimburse the seller at closing for property taxes they have already paid for the remainder of the tax period.
  • Homeowners or condo association fees. There are different rules, but many require you to pay this fee up front. You'll also have to reimburse the seller at closing for fees they have already paid for the remainder of the year. It isn't common practice, but a lender may be willing to include these fees in the escrow portion of your payment.
  • Homeowners and hazard insurance. You need to have this in place before closing. You may need to pay it ahead of time, or it may be included in your closing costs.

Being prepared for extra expenses can take a lot of the stress out of home buying. Although buying a home can be a complicated process, our real estate agents can help you every step of the way. Contact Cressy & Everett Real Estate today and let us find the right home for you.

Categories: Buying a Home
Tags: Cressy & Everett, Buying a house, For Buyers, First-time buyers, First home

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