Page 14 - Buyer Guide Flipbook

MOrtGaGe HintS aPPrOXiMate

COStS

there are some decisions that buyers might

want to make that could jeopardize a loan

approval. Here are a few things to avoid

(unless you speak to your lender first).

Purchasing a home has a variety of expenses. Fortunately, most of the cost comes on
the day that you close and get your key. However, you do want to be prepared for
• Don’t change jobs, quit a job, or become self-employed some out-of-pocket charges that need to be paid prior to closing.

• Don’t buy a car, boat, tractor, etc… Earnest Money Deposit (EMD)—Check made payable to Keller Williams Midlothian at the time
your offer is accepted. Cost can range depending on resale vs. new construction or multiple
• Don’t use credit cards excessively or let your accounts fall behind
offers. (estimate $1,500-5,000 for resale / 1-5% of sales price for new construction)
• Don’t spend money set aside for closing costs or down payments
Home Inspection*—We recommend that all of our clients have a whole house and radon
• Don’t buy new furniture or appliances inspection. this fee will be paid prior to or at the time of inspection. the cost will depend on

• Don’t originate any inquiries into your credit the age and size of the home. (estimate $400-700)

• Don’t change banks or retirement companies Appraisal & Credit Report Fee—Lenders require that you pay for your appraisal and credit

• Don’t change your name report at the time of loan application. this usually must be paid within 7 days of contract
ratification. (estimate $450-600)
• Don’t co-sign a loan for anyone else

• Don’t make cash deposits over $250
* if you choose not to have an inspection of the property, you will need to sign a document
• Don’t deposit gift money without completing a gift form indicating that you are waiving your right to inspect the property. We do not recommend
this.
• Don’t change lenders without speaking to the Pretty team first
Opening Septic, well, and termite inspections are the responsibility of the seller.
Doors. this cost does not pass to you unless you are purchasing a property “as is.” P
Changing
Lives.

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