what does it cost to buy a havasu home

What Does It Cost To Buy a Home?

What Does It Cost To Buy a Home? I usually guess around 8 - 10% but I have seen it done for less than 1% and monies came from the loan, the Seller etc. The loan was not an FHA loan. If a lender says you can have the seller give you 6% towards closing so its almost free, Those deals don't usually happen. You should also keep in mind you may need additional money to fix something if it breaks? There are some low down deals and that is a whole different story. I always say have at least 15k in the bank and then go talk to a few lenders. It's usually free to talk with lenders and you might find you are on your way to home ownership. To sum it up it costs around 8 -10% of the price of a home to get in so long as you are not in debt up to your eyeballs, and you have a decent paying stable job and have been working for a couple of years at that job. A few lines of credit are also needed with a middle credit score ( Lenders run from three credit bureaus and take the center score ) of at least 640 usually. Your lender may differ.
Something else you should know is, mortgage brokers as compared to banks.
There are huge dfferences. Mortgage brokers work on the commission of the deal being completed whereas banks usually do not. This means no penalty if your loan does not close when you use a bank. In addition mortgage brokers also have more loan options. Mortgage brokers usually charge less in fees as do their counterparts at the banks. When your banker goes on vacation does someone really take over and complete the job? I have seen clients who were adament about using their bank, which is fine, however, the usual problems were the loans did not close on time, nearly costing the buyer to lose their deposit, 3% of the treansaction, ( can you afford or be OK with losing $9,000.00 because your loan person at the bank who was a teller the month before could not get it together?) and nearly lost the sales altogether. It does happen. What is worse is the banker / loan people did not seem to care. On the other end when a mortgage brokerage person is in the situation they are trying very hard, losing sleep and doing their best.

Some Loan officers fail to tell the client about all the costs involved and only talk about the basic loan. This is in my opinion what makes or breaks a Lender / Loan officer. A loan usually consists of
1. The principal balance
2. Interest on the loan
3. Principle Mortgage Insurance
4. Property Taxes
5. Homeowners Insurance
Some Lenders only talk about the balance and the interest. They fail to mention the other items. On top of that payment there is the purchase costs, down payment, escrow fees, filing fees, etc
When a Lender tells you you only need 3 1/2% down to buy a home. Keep in Mind,...
You also need Closing Costs, Home Inspection, Appraisal, and money to move. The sooner you start to realize that you may need some money in the bank the sooner you will be ready to buy a home. There are a fair amount of variables in how much you need which does make it different home to home. Items such as Property Taxes, Homeowners Insurance, Flood Insurance ( If needed ), also vary home to home and are usually in the payment.
Your Lender is your moeny person.
That person is the go to person to ask HOW MUCH...?

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