So, you’re under contract on a property—congrats! But what about those upfront fees? As a buyer, it’s essential to know what costs you'll need to cover before closing.
First, there’s the earnest money deposit, which shows the seller you’re serious about the purchase; this typically ranges from 1% to 3% of the purchase price.
Next, you’ll need to pay for a home inspection to ensure the property is in good condition and uncover any potential issues.
Don’t forget about the appraisal fee, required by your lender to confirm the home’s value aligns with the loan amount. Finally, you may also face credit report fees, application fees, and title insurance costs.
These expenses are all part of the process to ensure you’re making a sound investment. Be prepared, plan ahead, and you’ll move into your new home with confidence! 🏠🔑
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