Home Buying Preparations for the Future Tulsa Home Buyer!
Are you ready to purchase your very own Tulsa, Oklahoma home? Now is a great time to buy. Spring kicks the real estate market into gear. Whether you have bought a home before or this will be your first time, you know there are extra costs involved. We want to give you a list of expected costs to be properly prepared for before you start the home buying process. Fees for services vary but here you can find a general idea of the costs involved.
Before you start looking for a home, you want to get in touch with a lender and find out if you are qualified to buy a home, and how much you are qualified for. There can be application fees involved in this credit report.
After you are pre-qualified, you begin your search for the perfect home for you and your family. Once you find that house, and your offer is accepted, you will first and foremost want a home inspection. This is done by a professional which will inspect the home and make sure everything is running up to par. Inspection fees are paid by the buyer and can run from $300 to $500.
All goes well with the inspection and you decide to move forward with the purchase, next comes the appraisal. The appraisal is very important because it determines the market value and worth of the home in order for your lender to loan the amount agreed to in your contract. Appraisals cost between $200 to $450, also paid for by the buyer.
Now comes the home stretch where you are looking at paying for lender services. In this category, you have the loan origination fee which is a small percentage of the loan amount. You will have title services which cover things like the title search, notary fees, government filing fees, etc. This will cost around $150 to $400, depending. You will also have survey costs where a surveyor will confirm the boundaries and dimensions of the property in which you are purchasing. This can cost between $150 and $400.
Last, but certainly not least is the PMI costs. PMI stands for Private Mortgage Insurance. If you are not able to put at least 20% down on your home purchase, you must purchase PMI. This is to insure the lender from losing out in the event that you end up in foreclosure status before the loan is satisfied. These rates run anywhere from 0.3% to 1.5% of the loan amount. There may also be tax fees involved which are usually not much and paid annually.
This Home Buying Preparations information is brought to you by: Tom and Bev Herring, buying and selling Tulsa Real Estate, Broken Arrow Real Estate, Jenks Real Estate, Bixby Real Estate and Owasso Real Estate as well as Keystone Lake Real Estate, Berryhill and Sand Springs Real Estate.