What Costs Come with Buying a Jacksonville Home?

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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.

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!

Why Shopping for a Lender is Important

Selling your home? Click here for a free home value report

Buying a home? Search all homes for sale

A lot of real estate agents will have a preferred lender for you to use, and they're often really great lenders that can find you a good program and get you to close on schedule. However, it's also important to know what's out there and search around for loan products that suit you and your needs. 

There's nothing wrong with finding another lender that will cater to your needs. If you don’t fit in the lending box we’ll help you look outside of it.

This is why it's important to ask about your options and speak with a Realtor or a lender about what program would suit you the best.
 
If you need any assistance in finding a good loan program for yourself, please don't hesitate to contact me!