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A lot of people have been asking lately, "What are the costs of buying a home?" We'll answer that question in today's video.
A binder deposit should be at least 1% of purchase price. Ultimately, this money will go towards your down payment. In a seller's market, you want to show that you are a strong buyer, and a 1% binder deposit is a great way to put your best foot forward. If you cannot hit that 1%, strive for a minimum binder deposit of $1,000.
A lot of people have been asking lately, "What are the costs of buying a home?" We'll answer that question in today's video.
First of all, there's the down payment. If
you're using a VA loan, this could be nothing. Down payments could be as little
as 3% of the purchase price or as much as 20% of the purchase price.
Keep closing costs in mind as well. These
range between 3% and 3.5% of purchase price. Closing costs include things like
lender fees and appraisals. A lot of the time, the seller will offset those
costs. However, you don't want to bank on that happening in a seller's market. If
you're going up against multiple offers, it's a good idea to anticipate
covering those closing costs.
A binder deposit should be at least 1% of purchase price. Ultimately, this money will go towards your down payment. In a seller's market, you want to show that you are a strong buyer, and a 1% binder deposit is a great way to put your best foot forward. If you cannot hit that 1%, strive for a minimum binder deposit of $1,000.
Finally, there are appraisals and home
inspections. In addition to a normal home inspection, you
may also need a septic inspection or a pool inspection. It really depends on
the property. Inspections are worth your money because you want to make sure
that you are buying a safe home for you and your family.
As you can see, there's a lot that goes into buying a home.
If you have any questions about today's video, or about the home buying
process, give me a call or send me an email. I'd be happy to help you!