| When one thinks of buying a home, it's easy to | | | | that the coverage is acceptable both to you and the |
| mentally jump ahead to the time when you're paying | | | | lender. Basically, what it does is to check the title for |
| off your mortgage and the interest for the | | | | clouds, liens and other undesirable hitches on the title. |
| amortization. When you contain everything you need | | | | 2. Appraisal fee - Property appraisal is a required part |
| to pay in a neat, monthly package, it's easy to | | | | of the process of borrowing money from a lender. |
| imagine how you could adjust to paying it. However, | | | | It's part of determining if the property you want to |
| before you get to the part where you have a | | | | buy will be worth what they will lend you so that |
| mortgage to pay, you have several things to pay for | | | | they can recover the costs should the house end up |
| first. For example, if after looking at San Marcos | | | | in foreclosure someday. |
| homes for sale, you buy San Marcos real estate, | | | | 3. Escrow fees - As the buyer and the seller finalize |
| you'll need to come to terms that during the buying | | | | the arrangements for buying a property, the money |
| process, there are fees that you need to pay for. In | | | | and important documents get deposited into an |
| fact, during the saving stage of buying a house, it | | | | escrow account. This is to prevent scamming from |
| would be better if you factored this in already so | | | | both sides. |
| that you'll have more than enough to cover the | | | | 4. Credit report fees - This is paid earlier on, while |
| out-of-pocket expenses. | | | | you're still applying for a loan. Applying for a verified |
| There are lenders who will allow you to include some | | | | credit report usually needs to be paid a small fee. |
| of the upfront costs into the loan, but that would | | | | 5. House inspections - You need to set aside several |
| mean paying more in the way of interest rates, | | | | hundreds of dollars to pay for the house inspection. |
| which is something you probably would want to | | | | It would be better if you also had the house |
| minimize. The best way to not end up spending more | | | | inspected for other things that are not covered by |
| on your house than you should is to prepare for all | | | | standard house inspection, such as mold. This would |
| possible upfront costs. Here are a few examples of | | | | set you back a few hundred dollars as well. |
| them: | | | | There are many other small fees that when lumped |
| 1. Title Insurance - This is one of those required fees | | | | together can form a considerable amount. To have a |
| that you would probably be thankful for in the long | | | | better idea of what these other fees could be, |
| run. If you look closely at the closing costs involved in | | | | consult the GFE (Good Faith Estimate) that the lender |
| purchasing a house, this is also probably one of the | | | | will give you. Even if they are estimates, you can still |
| more expensive fees. It would help if you can find | | | | have a good idea of which items would probably still |
| other third party companies that could give you a | | | | go up and which ones won't. |
| better price for the title insurance, but make sure | | | | |