Mortgage Expenses You Can Plan For
- Title Insurance
- Appraisal Fees
- Escrow Fees
- Points or Origination Fees
- Credit Report Fees
- Document Preparation Fees
- Survey Fee
- Pest or Mold Inspection
- Property Taxes
- State Recording Fees
- Gas and other transportation costs to look at real estate
- “Courtesy expenses” such as a gift for your real estate agent for helping you close the deal
- Moving expenses for after your closing date
- Replacement appliances, window treatments, other decor or lifestyle needs
- Security deposits for utility services
- City or township-specific expenses such as parking permits or “city stickers” where applicable
Remember that you can also save money by anticipating certain problems--your closing date could be delayed, for example, and while it is tempting for some borrowers to scheduled their moving truck hires for the same day as closing, NOT doing so could save you time and money if there is a change of date to close your mortgage.
You can learn what other expenses might be considered “reasonable and customary” for your housing market by asking an experienced home loan officer, real estate agent, or home inspector.
It’s never too early to start saving and planning to buy or build your new home. You can also contact the FHA directly at their toll-free number (1-800 CALL FHA) to request a referral to a HUD-approved housing counselor near you who can give you additional home loan planning advice.
Don't Skip the Home Inspection
Bigger is Better With a Jumbo Loan
Insuring Mortgages With the FHA Funding Fee
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