|Buying a home can be a time full of excitement and anxiety. Using a Julie Woods & Associates realtor will bring you confidence and comfort as you purchase your home. You can trust our firm to be ethical, professional and well versed in real estate procedures. Our expertise and experience will prove to be invaluable in your home search. |
Once you have decided to purchase a home, the first step in the process is to speak with a mortgage lender about loan pre-approval. This is a simple process that will provide you with the best loan program, terms and loan amount available for your purchase. And rest easy, armed with our custom business referral directory, finding the right mortgage lender is as simple as can be.
Once the pre-approval amount has been established, our realtors will prepare a customized listing search based on your specifications. Our proven results ensure that you will be the first to know when a new property is listed on the market. From there, our agents will work night and day – whenever is convenient for you - to find the perfect property for your needs.
Property taxes placed in an escrow account are one of the largest expenses at closing. The amount depends on the value of the house you buy and the tax rate in the town and county where the house is located. Many lenders require you to include a monthly estimate with your mortgage payments equal to 1/12th of your annual property taxes and homeowners insurance. For most people, this is easier than coming up with a large lump sum each year when taxes are due.
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- What can I expect to pay in closing costs?
- Typically, closing costs run between 3% and 5% of your loan amount, so if you're borrowing $100,000 you can expect closing costs of $3,000 to $5,000. If you're borrowing $200,000 you can expect closing costs of $6,000 to $10,000. We encourage you to obtain a good faith estimate from two or three lenders and compare the costs. Then be prepared to ask the lender you choose to meet the best offer.