Good morning Firsttimebuyer,
The reason you're encountering different amounts is because everyone's situation, and every house, are different. There are many different factors that affect the terms of a mortgage loan including (but not limited to): credit score, loan program, amount of mortgage insurance (if required), size of downpayment, fees charged by different Lenders, and etc.
The same is true of homes. Given two homes side by side on any street in Brooklyn or Queens and the price required by the Homeowner to sell that home can be widely different, including what a Buyer might be wiling to pay. Looking at the two homes they may appear identical, yet a Buyer might be willing to pay more for one over the other; and the Seller may require more for the remaining house in order to accept an Offer to Purchase from a Buyer. And there are the property taxes, which, in our example, can be very, very different for these two imaginary properties, also.
Your best bet for clear direction and understanding is to follow my Primer for Home Buyers based on my 23 years experience as a Mortgage Banker:
1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Your Mortgage Banker will be able to answer questions for you as you shop for your home, specifically with regards to monthly payments and closing costs.
2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.
3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!