Today, I will be sharing the top three subjects buyers want to know regarding money in the real estate process.
1. Monthly payment. The first number a buyer wants to know before they make a home purchase is their monthly payment. How much will your monthly payment be? Mortgage payments must be paid once a month and can range greatly in price, usually between $600 and $3,500 depending on what you buy. Many buyers these days will turn to Zillow to determine their monthly payment, but the default estimate Zillow offers is almost always wrong. This is because every single person has different circumstances and you have to plug in the exact details into a calculator to get an accurate estimate. My favorite mortgage calculator that’s easy to use is https://themortgagereports.
2. Down payment. A lot of people believe that 20% is the minimum down payment required for purchasing a house. However, this isn’t true. The percentage you’ll need to pay will depend on the financing you choose. There are a number of financing options and down payment assistance programs available. Many of these programs will even allow you to purchase a home for $0 down.
3. Closing costs. These expenses sometimes catch people by surprise. More than just your down payment, there are other out-of-pocket costs you need to expect at closing. These include the inspection fees, lender fees, filing fees, insurance, and others. Like your monthly payments, the total amount of your closing costs will vary depending on the home and on your situation. We can even negotiate that the seller pays your closing costs if you need to do a $0 out-of-pocket deal for you. One thing to remember: when buyers work with our team, we don’t charge them any fees at all for helping with the transaction. The seller pays our commission and we don’t add any fees, so it is completely free for buyers to work with Mavens.
If you want to talk about your specific situation, needs, and plan, I highly recommend getting in touch with a professional like Dominic Dangora of Cornerstone Home Lending. You can get started by visiting www.DominicDangora.