Home Buying in Harrisburg>Question Details

cpressley57, Home Buyer in Harrisburg, PA

As a first time homebuyer, other than a down payment, what other cost or fees should I be saving for when buying a home.

Asked by cpressley57, Harrisburg, PA Fri Sep 27, 2013

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Down payment and closing cost are factors in considering how much you need to save when buying a home. There is also more information that a lender needs to determine your ability to qualify for a mortgage. A lender is going to review your credit, income, assets, etc...

I would recommend if your looking to buy a home to get prequalified and to submit a complete application to have all aspects of the mortgage reviewed to make sure you don't run into any surprises.

Also, keep in mind that depending on the loan program, in some cases, all closing costs can be paid by the seller.

I am local and would be happy to discuss your mortgage options in greater detail.

Thank you,
Jerry Kensinger (NMLS #186925)
http://www.jerrykensinger.com
(717) 884-8823
0 votes Thank Flag Link Sat Sep 28, 2013
There are other costs, such as the real estate transfer tax, 1/2% of the purchase price which is charged for both local and state making it 1% total; title insurance and title search. There can be lender fees, inspection fees, and etc.

You also need to have money to pay the first year of homeowners insurance and to set up an escrow account for taxes and insurance. This will depend on the amount that you have for a down payment.

I offer first time buyer consultations to help guide you in what you need to do to purchase a home. There are times that you may fit into a program to help you with that purchase. Please call me if you would like to meet with me, no obligation, just information. Call Barbara at 717-608-1284.
0 votes Thank Flag Link Sat Sep 28, 2013
The answers provided are correct. If yo'ure currently looking and especially as a first time homebuyer, it would make good sense to enter into a buyer agency agreement, which, as stated, is generally covered under seller expense. If you would like to talk further, please give me a call at 717-919-2016. Kind regards, Mary Ellen.
0 votes Thank Flag Link Sat Sep 28, 2013
Keeping things simple, closing costs will cover mortgage or lender fees, transfer tax, proration of current taxes among other things. My best recommendation is to "hire" an agent exclusively as your buyer's representative or agent. A Buyer's Agent is generally paid from the Seller's proceeds at settlement, so this is NOT an additional expense for you. Your Buyer's Agent will be your exclusive representative throughout the buying process and will keep you well informed of your closing and associated costs.

Please feel free to contact me at 717-645-0955 to arrange a no obligation meeting to discuss your real estate needs.
0 votes Thank Flag Link Fri Sep 27, 2013
Typical closing costs can vary depending on the type and size of your mortgage. The lender you chose will provide you with a very accurate list of all cost but these can be a couple thousand dollars to several thousand dollars. It is common to ask the seller to pay some of these costs for you. Keep in mind, depending on where you choose to buy a home, if you are open to buying in a rural area there may be USDA financing available and if you qualify you need NO down payment just closing costs.
0 votes Thank Flag Link Fri Sep 27, 2013
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