Greater Atlanta Real Estate Information

13 Extra Cost to be Aware of Before Buying a Home. 8. Mortgage Brokers Fee. A mortgage broker is entitled to charge you... a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost. See more

13 Extra Cost to be Aware of Before Buying a Home. 7. Mortgage Loan Insurance Fee. Depending upon the equity in your home,... some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% 3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment. See more

13 Extra Cost to be Aware of Before Buying a Home. 5. Service Charges Any new utility that services your hook up, such as telephone or cable, may require an... installation fee. 6. Legal Fees Even the simplest of home purchases should have a lawyer involved to review all paperwork. Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.

13 Extra Cost to be Aware of Before Buying a home. 3. Survey Fee When the home you purchase is a resale (vs a new home), your lending institution may... ask for an updated property survey. The cost for this survey can vary between $700- $1,000. 4. Property Insurance Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan.

13 Extra Costs to be Aware of Before Buying a Home: 1. Appraisal Fee Your lending institution may request an appraisal of the property which would be your responsibility to pay for. Appraisals can vary... in price from approximately $175 $300. 2. Property Taxes Depending on your downpayment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.