What it *actually* costs to buy a house - yes all the hidden fee’s and everything!

I’ve gotten a lot of questions of what exactly “closing costs” are and “how much do I *actually* need to buy” — so I laid it out!

UPFRONT COSTS (Due at time of accepted offer):

• Deposit(s) — 3-5% of purchase price

• Inspections — ~$300-$700

• Appraisal — ~$700 (can sometimes be included in closing costs)

PAID AT CLOSING (“Closing Costs”):

• Remaining down payment (less your deposits)

• Lender fee’s (points, origination fee’s, credit report, etc)

• Attorney & title fee’s

• Realtor fee’s

• Transfer Tax *NH Only ($.75 per $100 of purchase price)

• Utility and tax pro-rations

• Insurance premium (usually 1 year)

• Mortgage insurance premium

• Pre-paid interest

• 3-6 months of home insurance and taxes for escrow

ESTIMATED CASH TO CLOSE

• Down payment — min 3%

• Closing costs — ranging between 3-5%

• Total cash needed —- ~6-8%+

• EXAMPLE: $400,000 home = ~$26,000 - $35,000

Although every transaction is different and fees, deposits and costs will vary, it’s good to have an understanding of what you need to pay and when.

This is not an exact science- but I do feel confident it’s a good guideline!

Ask me about it down payment assistance, gifts, and other creative ways to get the money you need to buy! Happy to help strategize!

As always, coffee is on me! ☕️🫶🏼🏡