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When considering the size of a down payment, what additional costs need to be considered?

Asked by Trulia New York, New York Thu Feb 28, 2013

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Christopher Pagli - ABR, GREEN’s answer
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You want to factor in all of your closing costs as well. In NY they are typically 3%-4% of the purchase price depending on the purchase price. You should also factor in any up front premiums your loan type may require such as the FHA.

Chris
0 votes Thank Flag Link Sat Mar 2, 2013
You should be aware of the following miscellaneous costs associated with purchasing a home:

Attorney Fee (1,200-1,500)

Appraisal Fee (400-575)

Home Inspection (Optional but recommended) (400-600)

Home owners insurance (1st year upfront) (1,000-3,000)
0 votes Thank Flag Link Thu Feb 28, 2013
Be prepared for closing costs of approximately 4-5% of the sales price and leave the closing room with a smile on your face and a couple of bucks left in your pocket.

Consider property inspection which could run $400-800 +/-.

Homeowner's Insurance
Moving Costs
Any repairs or redecoration before moving
Your attorney's fees

Your attorney and/or mortgage broker will provide you with a breakdown of estimated costs for the closing table.

If property taxes were paid in advance by the seller, you will be reimbursing the seller for that amount.
If there is an oil tank for heat, the remaining oil will be measured and you will reimburse the seller for that as well.

Again, your Realtor, your attorney and/or your mortgage broker should provide you with this informaiton.

gail@GladstoneGroupRealty.com
0 votes Thank Flag Link Thu Feb 28, 2013
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