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oops
LIF Zygote
Member since 10/06 2 total posts
Name:
Renee
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ALL costs involved in buying a home
Hi, I am more of a lurker here, but I think we are really serious about buying a home- and it seems like all of you really know your stuff!
Can someone tell me ALL the upfront costs that are involved in buying a house? We use as little of our savings as possible - we make enough money to make the payments with 100% financing, but don't have that much money saved. So what costs should we expect to pay out of pocket? (and if you could give a $ amt too, that would be really helpful).
Thanks so much!
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Posted 11/13/06 9:51 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: ALL costs involved in buying a home
Down payment if you are doing that
Closing costs
Moving costs
Attorney fee (yours)
That's just the basic upr front costs to get the keys and move in.
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| Posted 11/13/06 9:55 AM |
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JMF
LIF Infant
Member since 3/06 230 total posts
Name:
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Re: ALL costs involved in buying a home
home repairs
Things breaking or going wrong (Ac, washer dryer, oil burner to name a few)
funniture
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| Posted 11/13/06 9:37 PM |
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: ALL costs involved in buying a home
Posted by Blu-ize
Down payment if you are doing that
i just wanted to add that when a mortgage broker/banker says you can do 100% financing and not put any money down he's only partly right. you dont need to shell out any LARGE amounts for a down payment @ the closing table but when you sign contracts you need to leave some kind of deposit with the seller's attorney that will be held in escrow until closing. they will usually push for a large amount but $10k is the usual minimum left. HTH! 
Message edited 11/13/2006 10:25:16 PM.
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| Posted 11/13/06 10:24 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: ALL costs involved in buying a home
I would also make sure you have $10k at least in the bank for home repairs and upgrades. No home is perfect...and you will spend money on something after you close.
Scott
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| Posted 11/14/06 8:06 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: ALL costs involved in buying a home
Posted by Blu-ize
Down payment if you are doing that
Closing costs
Moving costs
Attorney fee (yours)
That's just the basic upr front costs to get the keys and move in.
Moving costs can really add up! I posted on this yesterday - decided that it wasn't worth it to hire movers - if you don't have that much stuff, I would rent a u-haul, its A LOT cheaper!!
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| Posted 11/14/06 8:47 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: ALL costs involved in buying a home
Posted by SweetTooth
Posted by Blu-ize
Down payment if you are doing that
Closing costs
Moving costs
Attorney fee (yours)
That's just the basic upr front costs to get the keys and move in.
Moving costs can really add up! I posted on this yesterday - decided that it wasn't worth it to hire movers - if you don't have that much stuff, I would rent a u-haul, its A LOT cheaper!!
where did you get that idea...hehe
I agree, there are a lot of ways to save on closing/moving costs. Luckily my father is our Attorney so we won't pay for that (probably take him out to dinner).
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| Posted 11/14/06 9:08 AM |
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antoinette
boy mamma
Member since 5/05 2975 total posts
Name:
Antoinette
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Re: ALL costs involved in buying a home
inspection, lawyer fees- usually they want something down on contract.
closing costs- you can ask for a consession.
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| Posted 11/14/06 9:50 AM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: ALL costs involved in buying a home
Your Attorney's fees - $700 to $1500
Title Search - $10,000
Inspector - $500
$$ for escrow - $10,000 (returned at closing if you are financing 100%)
Mortgage Application & Possible Broker fee - $200- $1500
Taxes to be held in escrow by bank - first 2 months?
Moving Costs - $1000-$2000
our total closing costs were about $20,000.
And you should always have at least a 2-3 month cushion for paying your mortgage.
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| Posted 11/14/06 11:47 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: ALL costs involved in buying a home
Posted by jambalady
Your Attorney's fees - $700 to $1500
Title Search - $10,000
Inspector - $500
$$ for escrow - $10,000 (returned at closing if you are financing 100%)
Mortgage Application & Possible Broker fee - $200- $1500
Taxes to be held in escrow by bank - first 2 months?
Moving Costs - $1000-$2000
our total closing costs were about $20,000.
And you should always have at least a 2-3 month cushion for paying your mortgage.
Your title search was 10K???? That seems extremely high especially when I was talking to my father this weekend. I was just curious as if that was a typo.
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| Posted 11/14/06 11:51 AM |
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Marcie
Complete Happiness :)
Member since 5/05 27789 total posts
Name:
LOVE being a Mommy!
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Re: ALL costs involved in buying a home
Posted by jambalady
Your Attorney's fees - $700 to $1500
Title Search - $10,000
Inspector - $500
$$ for escrow - $10,000 (returned at closing if you are financing 100%)
Mortgage Application & Possible Broker fee - $200- $1500
Taxes to be held in escrow by bank - first 2 months?
Moving Costs - $1000-$2000
our total closing costs were about $20,000.
And you should always have at least a 2-3 month cushion for paying your mortgage.
Title search - $10,000?
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| Posted 11/14/06 11:51 AM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: ALL costs involved in buying a home
Yes, it includes the NYC mortgage recording tax which is 1.8% of your total mortgage if you live within the 5 boroughs.
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| Posted 11/14/06 11:59 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: ALL costs involved in buying a home
Posted by jambalady
Yes, it includes the NYC mortgage recording tax which is 1.8% of your total mortgage if you live within the 5 boroughs.
But even with a 1.8% tax, 10K is the highest I've ever seen or heard of. But I just heard it goes by the value of your property so I'm imagining you must live in a place quite a lot more expensive then most of us.
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| Posted 11/14/06 12:04 PM |
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jambalady
Is it summer yet?
Member since 8/06 7392 total posts
Name:
Holly
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Re: ALL costs involved in buying a home
Well, for a $500K mortgage, you would have to pay $9000 mortgage recording tax. And then there are additional title search fees as well. You can't really buy anything near the city for less than $500k in a decent neighborhood but I need to live close to the city since that's where I work.
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| Posted 11/14/06 12:13 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: ALL costs involved in buying a home
Posted by jambalady
Well, for a $500K mortgage, you would have to pay $9000 mortgage recording tax. And then there are additional title search fees as well. You can't really buy anything near the city for less than $500k in a decent neighborhood but I need to live close to the city since that's where I work.
That does sound right to me then. The prices in the city are way different than LI or Upstate.
Message edited 11/14/2006 12:15:51 PM.
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| Posted 11/14/06 12:15 PM |
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JMF
LIF Infant
Member since 3/06 230 total posts
Name:
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Re: ALL costs involved in buying a home
Posted by jambalady
Your Attorney's fees - $700 to $1500
Title Search - $10,000
Inspector - $500
$$ for escrow - $10,000 (returned at closing if you are financing 100%)
Try to get a bank that doesnt require escrow... at least if you think you are discipline to save money throughout the year to pay your own taxes. I feel like escrow was a waste... they hold you money "just in case you dont pay". I made sure I got a bank that didnt require escrow... that can save you quite a bit!!!
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| Posted 11/14/06 4:45 PM |
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