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January
7
7
Buying an Augusta Home? Don't Be Surprised by Closing Costs
If you're in the market to buy a home this year, and you're looking for Augusta homes for sale, then make sure you're considering all of the financial factors surrounding your new home purchase. Of course, there's the purchase price and down payment that you'll be well aware of, but are you prepared for the closing costs with your new home? Don't be surprised by closing costs!
- Closing Costs Explained
In a nutshell, closing costs are your responsibility for all of the legwork that goes into your home purchase. As a buyer, you'll be responsible for lenders fees, third-party fees, homeowners' fees, and any fees or costs associated with your title, including attorney's fees.
In essence, closing costs encapsulate all of the "extras" involved in your real estate transaction and basically sets you up for a future of homeownership. While some mortgages allow you to roll closing costs into your monthly mortgage payment, be sure to set aside 2%-5% of your home's price for closing costs if you're in the planning phase of buying a home. - Lender Fees
Lender fees are any fees or costs associated with the lender preparing your loan. The big fees you'll likely pay as part of the process are the lender's origination fee, an application fee, discount points, and prepaid interest. Many of these fees are non-negotiable and are typically available to you up front and early in the process.
All of that to say, whatever you can do to lower those fees or shop a lender with lower fees will save you money in closing costs.
- Third-Party Fees
Third-party fees are those fees that don't necessarily originate from your lender nor your homeowners' fees but are associated with both of them in one sense or another. Many lenders will contract out many of the services used to certify you as a borrower, such as credit reporting.
Additionally, you will likely be responsible for inspection fees, the lender's attorney fees, and any costs associated with gathering information about you as a borrower. Many third-party fees can be lowered, negotiated, or shopped around. Speak to your lender if you have third-parties you'd prefer to use. - Homeowner Fees
Homeowner fees are associated with everything you'll be responsible for as a homeowner. This includes homeowners association fees, insurance, property taxes, and fees associated with setting up your escrow account. Many of these items will be rolled into your monthly mortgage payment in the future, but are required to be paid upfront to prepay or establish escrow.
Buying in Augusta
If 2019 is your year to buy, and if you're looking at buying in the Augusta, Maine area, then get in touch with one of our real estate agents at Sprague & Curtis Real Estate. With so many options and so many homes available, contact us to find the perfect home for you and your family!