Mortgage Process

The buyers typically will be paying out of pocket; a retainer cost, inspection costs on the property, and whatever mortgage down payment required. On the closing day there might be additional minimal title fees, but you don’t have to. There is a slew of variables that can cause these prices to go up and down, in our area this is what we are typically seeing on home contracts: Retainer cost – $1,000.00 Inspection costs – $450.00 Mortgage Down Payment – Varies greatly. From $0.00 to over 3.5% of the purchase price.

This can be called escrowed money or good faith deposit. This is money you put down on a contract to show you are serious in purchasing. If you terminate the contract without a valid reason you can lose this money.

This is to inspect the property before you purchase it. The size and property features is what dictates what is inspected and how much it will cost.

This is what the Mortgage Lender requires you to put down on the purchase, additional to your retainer amount. This is dependent on the Mortgage product you settle on and varies greatly from one client to another. We have had deals where a house was purchased, and mortgaged, with less than $500 out of their pocket, it depends on the mortgage lender and the client, every transaction is unique. Again, there are several variables affecting each deal and each individual.

We refer our clients to Credit Karma. You can opt out of the emails if desired and it is accurate.

Helpful Links

Real Estate Referral Service
Buying Real Estate
Mortgage Process

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