We know there is a lot that goes into buying a home; each tab has a brief overview of the main costs to look out for, so you know what numbers to expect!

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Downpayment

Normally percentage based, 3%, 3.5%, and 5% are normal minimums to prepare for. Some loans offer 100% or have down payment assistance available. A loan officer can help find out which options work best for your situation.

Inspections

 You should always be prepared to pay for inspections on the home you are buying. A general home inspection by a certified and trusted inspection service is always recommended, however, not required. These are to help protect you, as a buyer, from buying a home with issues that may not be obvious to the untrained eye. An appraisal to determine the market value of the home is always a requirement for the lender to make sure the home is worth the price you are contracted to pay. Lenders want to make sure the collateral is worth the price the seller is requesting.

Closing Costs

These can be negotiated with the seller side to cover some or maybe even all of the costs with seller paid concessions, although sellers are not required to pay them on your behalf. Closing costs vary depending on many factors including loan type, lender fees, attorney fees, prepaids and discount points. You should always explore these with your lender when you are getting preapproved.

At Georgia Mortgage Connections, we believe the path to homeownership begins with informed and strategic steps. Give us a call today and let us help connect you to your dream home!


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