When starting your house hunt online, you'll see that most real estate websites let you search by price range. But a real estate purchase will cost you more than just the sale price. Here are four costs you'll want to consider before submitting an offer.
Downpayment Some lenders require borrowers to pay up to 20% of the loan at closing. It may take a while to save up that much, but paying a chunk of your loan up front will lower your monthly payment.
Mortgage insurance If you don't pay at least 20% of the purchase price as a downpayment, your lender will probably require you to pay private mortgage insurance (PMI) that protects the lender if you default on the loan.
Closing costs Buyers and sellers can negotiate how much each party pays at closing. Unless the seller agrees to pay all of the closing costs, you'll be responsible for paying a portion of these fees.
Monthly payment Your payments will cover principal, interest, taxes, and insurance. You may have other recurring expenses, such as HOA dues and home maintenance, to factor into your budget.
When you're ready to become a homeowner, contact a Texas REALTOR® to determine how much you can realistically afford and which costs you can negotiate.
- See more at: https://www.texasrealestate.com/advice-for-consumers/article/4-expenses-homebuyers-should-keep-in-mind#sthash.MWt0vkzF.dpuf
The Burtonteam specializes with new home buyers and move up buyers & sellers located in the following areas; Frisco, Plano, Prosper, McKinney, The Colony, Little Elm, Carrollton, Lewisville and surrounding areas. Jerry & Janna Burton puts to use advanced internet marketing for maximum exposure of your home for maximum exposure. For Buyers, we set everyone up to receive new listings once listed that match their search criteria for quick response. For help with buying or selling a property 972-625-0852.
Author:Jerry and Janna Burton Phone: 214-850-9014 Dated: February 5th 2016 Views: 136 About Jerry and Janna: Jerry and Janna Burton joined William Davis Realty in February, 2009. Both Janna and Jerry hold busi...
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