There is a lot that goes into buying a home. This is the case whether you plan on living in the property or using it as an investment. What most veteran homebuyers know is that the list price is not the amount you end up spending. Between property taxes, insurance and miscellaneous closing costs this number is typically thousands of dollars higher. In most cases this can have a huge impact on whether or not you move forward with the property. These costs and expenses are with every bank loan you finance. You need to know exactly what your bottom line is before you get too far. Here are the five most common home buying expenses.
By law you will receive a fee worksheet before your loan is submitted into underwriting. This estimate will be within a few hundred dollars of the number you will find at closing. Don’t be afraid to question these fees or ask if there is a way to reduce them. You will be surprised to find what you can get simply by asking.