Licensed In IA, IL
There are several costs involved including paying for a title, home warranty, insurance, abstract fees, attorney fees, closing costs, inspections, property taxes and many more.
Closing costs can range greatly depending on the purchase agreement details. Your closing disclosure will detail the terms of your loan, closing costs and other expenses. Mortgage lenders are required to provide this three days prior to closing.
You may also have to incur a cost with inspections. If you see a crack in the foundation while visiting the property, then you, the buyer, will have to pay for a structural inspection. Learn more about the inspection process here.
If you don’t plan on escrowing your taxes and insurance, then you will need to pay for the first year of insurance at the time of closing. Plus, if your home is located in a flood zone, the first year of flood insurance will also need to be paid for in advance.
You’ll also need to think about all the other costs that come with moving, outside of the paperwork. Learn more about the Buying Process here, so you can be prepared.