Home Buying in 72762>Question Details

Lv37923, Home Buyer in Bethel Heights, AR

i will be a first time home buyer and i did not know that theres a deposit to get a loan is that true?

Asked by Lv37923, Bethel Heights, AR Mon Oct 11, 2010

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Luciano Marquez’s answer
You need to give your agent a good faith deposit of $1000.00 which is deposioted into the Real estate escow Account. Then when you apply for a mortgage you will tell the broker how much you plan on "putting down" twords the purchase, 3, 5, 10, 2 % ? Sometime later you need to give the balance of the "deposit" to your attorney.
0 votes Thank Flag Link Tue Oct 12, 2010
Good questions for a first time home buyer. It is important to ask these questions and do your research as it is the biggest purchase of your life.

There isn't a deposit to get the loan. If you find your "dream house" and you want to write a contract, there is something called earnest money that is a sum of money to show the seller you are a serious buyer. This money is put into a special account to hold until you close on the property and then it is deducted from the price of the property.

Other expenses before close would be a most important home inspection usually around $350 and you will also be responsible to pay for an appraisal to be sure the property you selected is assessed for the amount you are paying. This usually cost from $350-400. I hope this helps.
1 vote Thank Flag Link Mon Oct 11, 2010
Are you referring to the down payment and/or earnest money? There are a few "no down payment" programs out there, but you still need earnest money to show good faith in purchasing the home.

Any fees your lender is charging you should be able to be rolled into the loan. The only thing that is out of pocket is an appraisal, and sometimes you can have that rolled in too.

Best wishes,
Kevin
1 vote Thank Flag Link Mon Oct 11, 2010
There isn't a deposit to get a loan to my knowledge. Unless you mean the escrow deposit. For 1st time home buyers, it would probably be important to sit down with a realtor and she can walk you through the entire home buying process.

Best of luck to you.
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Tue Oct 12, 2010
Hi Lv,

Your question was duplicated on our site and you can thus find several additional answers to this inquiry at the link below.

Best Wishes,

Emily Erekuff
Community Moderator
0 votes Thank Flag Link Mon Oct 11, 2010
Not sure the question is understood--are you referring to downpayment at contract signing--if so, yes, and that amount will depend on the qualified type of loan --if you haven't done so yet, do visit with any qualified loan officer(s) first, see if you qualify, how much, the type of loan, etc., and then go from there.
0 votes Thank Flag Link Mon Oct 11, 2010
The only upfront fee you should pay for your mortgage is the appraisal fee.
0 votes Thank Flag Link Mon Oct 11, 2010
There will be a deposit to put down on the house to make sure that the Seller knows you are serious.

As for the loan, the only upfront fee you should pay for is the appraisal.

Good luck.
Web Reference: http://fglick.com
0 votes Thank Flag Link Mon Oct 11, 2010
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