Buying a house to live in Dawson Springs is very exciting and a very big investment. It is important to understand all of the costs associated with buying a home. The out of pocket expenses are more than just the monthly mortgage payment. Home buyers should be award that closing costs are usually the buyers’ responsibility. These costs include some one time items and some recurring payments. These can include such items as recording fees, inspections, courier charges, origination fees for the loan, reserves to set up an escrow account, prepaid interest, flood insurance, fire insurance, and title insurance. Ask your lender to go through each item with you to be sure that you understand all that you are paying for.
Before You Visit Dawson Springs Property, Find Your Lender
It is always a good idea to shop around for a lender. Ask friends or professionals who live in Dawson Springs for recommendations. Not only are you looking for a great interest rate, but also a solid company that has reasonable fees. Talk to at least three mortgage lenders and take a close look at their good-faith estimate. This will break down all of the lender prices and fees so that you can compare and see who is offering the best deal.
Closing costs usually turn out to be about 3% of the sales price of the Dawson Springs property. This money usually cannot be borrowed, but there are a few ways to get help. Talk to your realtor about the possibility of asking the seller to pay for all or part of the closing costs. Depending on the market, this could be a great negotiation tool. There are also county or state down payment assistance programs available in some areas. These programs can help with the down payment and also provide or lend money for closing costs and are definitely worth checking out.