I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.
Best of luck!
Just so you are aware first and foremost on a purchase settlement fees cannot be financed in your loan. To give a dollar figure on what you would be paying is not possible until we know the approximate purchase price along with the amount your planning to put down. In regards to the types of fees here is aquick run down:
Lender Underwriting/Application Fee
Title Insurance (both lender and owner policies are required)
Transfer tax (Philadelphia County its 4% and buyer and seller split and pay 2%. UNLESS it is a Fannie Mae or Feddie Mac REO. They do not pay the transfer tax so the full amount of the transfer tax is paid by the buyer. Outside of Philadelphia County the transfer tax is 2%, again split 50/50.
Escrow for taxes and insurance
Daily interest (TBD based on the closing date)
If you need more information please fee free to contact me.
Please contact us so we can properly advise you. We know Delaware county like the back of our hand.
Rob Hughes-Long and Foster Real Estate Inc.
Associate Broker(AB065650)(Former Manager)
TOP PRODUCER/CLIENT SERVICE since 1990
Cell# 484-410-9765 Email/Text=Faster Reply
Attorney Fees (if required)
Defective Drywall Inspection
Proration of Real Property Taxes
Proration of Maintenance Fees
Additional Expenses if Mortgage Obtained
Mortgage Title Insurance Policy
Service Fee or Origination Fee (if applicable)
Doc Stamps on Note (.35 on each $100)
Lender's Attorney Fees
Assumption Fee on existing mortgage
Intangible Tax (.002 on New Mortgage)
Escrow Account (Taxes and Mortgage)
After you talk to a mortgage lender, you should get an idea of what purchase price (amount) you are pre approved for. You can ask them the specifics for any charges you don't understand (it's all so foreign when you are a first time buyer!) Also- there are ton of good free apps/websites that can help you too!
Try this one:
Janel Loughin, Realtor®
Keller Williams Real Estate
The biggest costs you will incur are closing costs. These costs include a variety of costs, with the largest being transfer tax in Philadelphia (2% of sales price). In the suburbs (depending on where), it can be 1%. The next biggest cost will be title insurance - insurance that you must pay to show there are no liens on the property. Mortgage fees (loan origination, notary, credit report, misc), appraisal fee, 1 year of taxes, 1 year of home owner's insurance round out the larger costs that are encompassed in closing costs. With an FHA loan, you can do a seller's assist of up to 6%. Just remember, the less you put down, and the more you roll into your mortgage, the higher your monthly payments will be.
I hope this helps and good luck with your search!
Meghan (McIntyre) Klauder REALTOR®
Drexel University 2002 - BS, MS
Temple University 2009 - MBA
**Preferred REALTOR DREXEL UNIVERSITY Homeowner Program**
Real Estate With Heart Team - Skye Michiels & Associates
Keller Williams I Center City Office
1619 Walnut Street, 5th Floor
Philadelphia, PA 19103
Utility deposits if required
title company or attorney fee
discount points and fees to the lender