What to Budget for Beyond the Down Payment

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What to Budget for Beyond the Down Payment

Saving for a home is hard work. If you’ve reached your down payment goal, congrats! Give yourself a pat on the back, because you deserve it. 

Achieving this goal of savings is a victory! But there are additional fees to save for, like the home inspection and closing costs. Let's take a look at those fees to make sure you’re prepared! 

Home Inspection

When you’re considering purchasing a home and making it yours, you want to know if anything might be wrong with the home. For example, what if something is wrong with the foundation but the seller isn’t aware? That’s a costly repair project you don’t want to tackle right after buying a house! 

Stay ahead of the game by budgeting money for a home inspection. This ensures any issues found with the home or replacements needed are known up front. If any issue or necessary repair is disclosed, this also gives some room for negotiation with the seller. Negotiations can be handled by your Real Estate agent.  

Closing Costs

So, what exactly are closing costs? These are expenses beyond the price of the purchase. The expenses can include anything from appraisal or deed recording fees, title insurance, or credit report charges. Closing costs can typically total 2%-5% of the property’s purchase price.  

The amount of closing fees can vary depending on the type of loan program.  

Good news! These fees won’t come as a surprise, because lenders are required to provide an estimate of these amounts soon after applying for loan pre-approval.  



Have questions about closing costs or inspection fees? We’re here to help! Speak with one of our trusted Mortgage Consultants to make sure you’re prepared to tackle the homebuying process!  

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