Do you wonder where to begin to go from renting, to owning your own home? 

 

 

Here are some of the things you should be thinking about:

 

YOUR MONTHLY PAYMENT

 

                  How much house you can afford is mostly based on how much your monthly
                  household income is and how much of it you are planning to spend on your housing expenses.

                 Mind on Growth Consultants can guide you to your right number and we are partnered with                                 mortgage specialists who will help you get the right loan that leads you to real Home Ownership                           and not just a lifetime of debt.  

 

 

 

YOUR DOWNPAYMENT

 

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YOUR CLOSING COSTS

 

                Sometimes these Closing Costs are paid by others; like the seller, or even a credit from the mortgage                  company, but it is advantageous to be prepared to pay it yourself.  As a general rule, we ask clients                      to be prepared with up to 5% of the purchase price of the home to cover the costs that are associated                    with you buying it.

 

What are these costs that you are paying?

           - $20 or less for lenders to pull your credit report upfront to get you qualified.

           - $350 - $500 for an appraisal of the property value.

           - The lawyers at title will do a background check on your home to expose and disclose all liens.

           - The lawyers will also charge for recording the transfer of the home from the seller to you.

           - The lender charges a fee for their service of placing you in the right loan.

           - Taxes on the property may be due in advance, depending on the county you are in.

 

Your Realtor will also need an Earnest Money Deposit to attach to the contract to show the sellers that you are serious about buying.  The money will be applied to your closing costs when you close.  Your Realtor will also ask you to pay upfront for optional things like the home inspection and termite inspection so you can assess what could be wrong with what you are buying before you close.

 

 

As the industry and laws change, these fees could change.  There are more consultants like us popping up on the list of fees too, as we are paid from the Settlement Sheet for helping bring deals together smoothly.  Rarely are all of these fees charged to the buyer.  When working with us, there is no cost to the buyer and no additional charges to the seller.  We want you to be aware of all of the services being provided to you during the process, and how much YOU are paying for the service. 

 

There is a lot of headache avoided when using professionals. Especially when there are partnerships among them.  It speeds up the process, and could even save money in places where those who think they are saving actually don't, by not using a professional.  The best thing to do is talk to your Realtor and your Lender regarding all the fees you should be prepared for or contact us to prepare you on both sides.

 

If you do get a loan to pay for the property, your lender has to provide you with a Good Faith Estimate (generally within 3 days of gathering your credit information) that will outline all of the costs coming.  A Good Faith Estimate details all of the things that you will be paying for and will change throughout the process as the lender gathers more information about your property and the definite date of the closing.  The estimate will be more accurate the closer you get to closing.

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