13 Extra Costs to be Aware of Before Buying a Home
Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can bud-get properly. Remember, buying a home is a maj or milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home. Read through the following checklist to make sure you're budgeting properly for your next move.
1. Appraisal Fee
Your lending institution may request an appraisal of the property, which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 -$ 300.
2. Property Taxes
Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.
3. Survey Fee
When the home you purchase is a resale (vs. a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $190 - $1,000.
4. Property Insurance
Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan. Beware! Some homes may not be insurable. Make sure you have an insurability clause in your purchase contract.
5. Service Charges
Any new utility that services your hook up, such as telephone or cable, may require an installation fee.
6. Escrow and Document Preparation Fees
Escrow fees are split between the buyer and the seller in Colorado. However, additional fees will be charged for the buyer's mortgage closing. This can include first and second mortgages. In addition to the "Doc Prep" fees charged by the lender, some lenders will e mail the loan documents and therefore the escrow or title company may charge a electric to paper fee.
7. Mortgage Loan Insurance Fee
Depending upon the equity in your home, some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% -3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment.
8. Mortgage Brokers Fee
A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.
9. Moving Costs
The cost for a professional mover can cost you in the range of:
?$50-$100/hour for a van and 3 movers, and
?10-20% higher during peak demand seasons.
10. Maintenance or HOA Fees
Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.
11. Water Quality and Quality Certification
If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Depending upon where you live, determines whether or not a fee is charged, to certify the quantity and quality of the water.
12. Local Improvements
If the town, city or county you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property's taxes by hundreds of dollars.
13. Metropolitan or Special Tax Districts
This is a unique tax district set up by the developer to finance all aspects of the physical infrastructure such as streets, sewer and even recreation centers or golf courses. The developer only has to put up a small percentage of monies for these costs and the rest are floated with bonds and added to the homeowners tax bills until paid off. The arrangement can work nicely when there are plenty of homebuyers to pick up the tax bill. But, in a down market, watch out...you could end up holding the bag when there are not enough buyers to fund the bonds.
Are you looking for Real Estate in Denver Colorado? Visit http://www.realtyoasis.com to find current information and resources about home sales in Colorado. Realty Oasis Metro Brokers offers the top realty expertise and resources to help you find your dream home. Also check out our current home listings in Colorado at http://www.realtyoasis.com/listings/resi dential.asp. We have extensive home listings in Parker, Highlands Ranch, Aurora, Centennial and all cities in Colorado's Front Range.
Mark Eibner is the cofounder and Broker owner of Realty Oasis. When you hire Mark you also hire an entire team of professionals. Each staff member performs a specialized part of the buying and selling process. This support team helped place Mark among Denver's Top 5 Realtors from 1997 through 1999, and in the #1 position in 2000.
 Google News Updated : Sat, 06 Sep 2008 02:06:27 GMT Silver State of Nevada Is 11th Bank Failure This Year (Update1) - Bloomberg Bloomberg - By Alison Vekshin and Ari Levy Sept. 5 (Bloomberg) -- Silver State Bank of Henderson, Nevada was closed by US regulators today, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the ... Regulators Shutter Silver State Bank Regulators close Silver State Bank in Henderson, Nevada Publ.Date : Sat, 06 Sep 2008 01:45:10 GMT Google Chrome Hit With Another Security Bug - CRN
CRN - By Stefanie Hoffman, ChannelWeb Less than a week after the release of Google's new Web browser Chrome, security researchers detected a buffer overflow vulnerability that could enable remote attackers to completely take control of a user's computer. NetSuite boasts of Google Chrome support Chrome reflects need for internet speed Publ.Date : Fri, 05 Sep 2008 23:33:46 GMT McCain seizes on theme of ‘change’ - Financial Times
Financial Times - By Daniel Dombey in Washington John McCain accepted the Republican presidential nomination on Thursday night by seeking to wrest the mantle of change from Barack Obama in a speech that mixed appeals to patriotism, criticism of Washington and a promise ... John McCain and Barack Obama focus on job losses, economy McCain, Obama Vie For 'Reformist' Mantle Publ.Date : Sat, 06 Sep 2008 00:07:54 GMT Republicans Take Heart; Heart Takes It Back - E! Online
E! Online - AP Photo/Kiichiro Sato Ann and Nancy Wilson are hoping the Republicans change their tune—and aren't planning on waiting until November to find out. Republicans Lack Heart! Heart Duo Furious Over Republicans' Use of 'Barracuda' Publ.Date : Fri, 05 Sep 2008 15:42:08 GMT McPalin ready to “break some china” - FOXNews FOXNews - by Mosheh Oinounou STERLING HEIGHTS, MI - John McCain is warning Washington that he and Sarah Palin are a “team of mavericks” ready to “break some china. John McCain, Sarah Palin, and "Rights"  Comment by Deborah L. Rhode Dir., Ctr. for the Legal Profession, Stanford UnivPubl.Date : Sat, 06 Sep 2008 00:08:24 GMT Some See a Fighting Spirit as Detroit Mayor’s Ruin - New York Times
New York Times - By SUSAN SAULNY and NICK BUNKLEY DETROIT - When it looked to most people around here as if a 31-year-old might be too young to win a mayoral election, Kwame M. Kilpatrick decided to take on the fight, and the reward was his inauguration in 2002 as ... Video: A Timeline of Detroit Mayor's Text Scandal Kilpatrick, Cockrel to meet; 140 could lose jobs Publ.Date : Sat, 06 Sep 2008 01:18:12 GMT Palin is catapulted into starring role - Financial Times
Financial Times - By Edward Luce and Andrew Ward It was the loudest and most prolonged cheer since Barack Obama appeared on the podium last week in Denver. Video: "Change is coming," McCain tells convention - 05 Sept 2008 Comment by John S. Baick Professor of History, Western New England CollegePubl.Date : Sat, 06 Sep 2008 00:07:45 GMT RSS Software |
PARLOT::Ebooks, Scripts,
Websites, and more... Every individual needs a home and every home needs an... Read More Uncle Sam has a gift for the men and women... Read More Your equity is the amount your home is worth, on... Read More A few years ago, many of us would have had... Read More Here in Spain the concept of a mortgage period of... Read More Buying a home remains the great American dream. Home ownership... Read More If you have less than perfect credit and are looking... Read More Buying a home is usually the largest purchase any of... Read More If you are a homeowner, it couldn't be easier to... Read More If you've got a wallet full of credit cards, and... Read More Getting a quick cash loan, cash advance or payday loan... Read More While most multi family properties are designed to allow the... Read More Interest - is an amount you pay for the use... Read More Many people choose to take out home improvement loans so... Read More Mortgage elimination programs are all the rage these days. In... Read More You can buy a home with a bad credit record;... Read More There was a time that seems like decades ago when... Read More During the last five years, home prices have increased nationwide.... Read More You might be wanting to look into bad credit home... Read More The bills are out of control and you need a... Read More As your home appreciates in value, you gain equity. You... Read More We live in a society where people are losing their... Read More A home equity loan is simply borrowing on the difference... Read More Mortgages are easy as long as you understand them well.... Read More You've found the home that is right for you, and... Read More
Adsense
websites
Buy To Let Mortgages ? To Let in Reasonable Capital Growth with Financial Obligation
VA Loans, A Gift from Uncle Sam
Do You REALLY Need a Home Equity Loan?
No Deposit Home Loans
An Infinity Mortgage?
Home Loans
Bad Credit Mortgage Lender - What to Look For
Kings Bay Saint Marys & Kingsland Georgia - Affordable Home Mortgages
What is a Homeowner Loan?
Home Equity Loans - How To Use Your Homes Equity to Consolidate Debt
PayDay Loan Online - Quick Cash Advance Loans Online Are Very Convenient
Multi Family Property Living
Home Equity Loan Tax Deductions
Why Choose a Home Improvement Loan?
Sorting through mortgage elimination programs
Buying a Home With Bad Credit - Tips on Finding the Right Broker or Lender
Bad Credit Home Loans
Home Equity ? Is it Time to Cash Out and Move?
A Guide to Getting Bad Credit Home Improvement Loans
Home Equity Loans - Are They Right For You?
Top 5 Methods to Manage Your Home Equity
Mortgage-Refinance Loan Measurment 101 -- Evaluate Your Own Ability to Pay
What Are Home Equity Loans?
Mortgage Advice To Make Mortgages A Really Smooth Ride
What Length Mortgage Is Right For You?
Affordable and Reliable Web Hosting Starting at $4.49/Month
Why Choose a Remortgage?
A remortgage can be used for the purpose of gaining... Read More
Refinance Home Loan and Refinance Home Loans
Refinance home loan lenders are eager to lend money to... Read More
Mortgage Prepayment Penalties - Just Say No
One of the most common terms found in a new... Read More
Ten Things a Mortgage Processor Must Know to be Effective
From time to time, we hear a story about a... Read More
Consolidate Debt With A Home Equity Loan
If you are a home owner who is having to... Read More
Understanding Mortgage Points
When a mortgage broker asks a borrower to pay points,... Read More
10 Things to Look for in a Home-Equity Line of Credit
If you are a homeowner, you've probably received offers to... Read More
First Time Home Buyer Loans Made Easy
When it comes to firsttime home buyer loans, a little... Read More
Refinance Your Mortgage to Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit,... Read More
Shopping for a Mortgage, Avoid Three Common Mistakes
Buying a home or refinancing one is perhaps the largest... Read More
How to Find the Best Home Improvement Loan
If you're looking for the best home improvement loan for... Read More
Refinancing Your Home Mortgage Loan With Bad Credit
There are numerous reasons a person has bad credit. Late... Read More
Renters Have Much to Gain by Pursuing Home Ownership
Buying a home vs. renting is a big decision that... Read More
Short-Term Interest Rates on the Rise; Adjustable Rate Mortgage Holders Prepare for Increase in Rate
Interest rates are on the rise and many home owners... Read More
Gearing Up for Bad Credit Mortgages
Mortgage would have never happened, had mortgages been a no... Read More
What is an Interest Only Mortgage?
An Interest Only Mortgage is one where the repayments are... Read More
Home Loans and Mortgages ? Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools... Read More
What to Really Expect for Closing Costs
Closing on a property is a very challenging time for... Read More
Mortgage ? What, Why, When, and How?
What is a mortgage? Here's what The New Merriam ?... Read More
Buying a Home With Poor Credit Is Easier Than Ever
Buying a home with poor credit is easier than ever... Read More
Home or Investment Property Equity: Be Sure the Bank Gives You All that You Deserve
Home equity is your own personal money machine. If you... Read More
Unlock your Home Loan Piggy Bank
With the recent sharp increase in property values your current... Read More
VA Loans, A Gift from Uncle Sam
Uncle Sam has a gift for the men and women... Read More
Find the Best Mortgage Company
If you do not wish to commit to living in... Read More
Mortgage Glossary of Terms
A brief list of some of the most common Mortgage... Read More
Mortgage Refinance |