How Much Cash Do I Need To Buy My Home?

Below is a schedule that has proved to be quite typical over the last few years in Martin County.  Most of our transactions are closed by the title company without active attorney involvement.  The charges you see are typical for a $100,000 home purchase. 

 If the charge is in red type, then it is proportional to the amount of the mortgage.

PURCHASE  PRICE:	$100,000
MORTGAGE AMOUNT	80,000	REMARKS
DOWN PAYMENT	20,000	Can by anywhere from zero%, 3%, 5%, 15% or 20%
(Estimated) REAL ESTATE TAX:	2,000
LOAN COSTS
Credit Report Fee	50
Appraisal Fee	275
Survey	275
Mtg Orig/Points	-0-	Seldom, if ever, more than 1%
Mortgage Broker Fee	500	Typical
Wire Transfer Fee	25
Document Prep Fee	150
Underwriting Fee	250
Tax Service Fee	75
Courier Fees	35
Lenders Title Policy	150
GOVERNMENT FEES
Doc Stamps on Mortgage	280	$3.50 per $1,000 of Mortgage
Inttangible Tax On Mortgage	160	$2.00 per $1,000 of Mortgage
Recording Fees, Deed/Mtg/Note/Releases	55	Recording fee is $6 per page
TITLE CHARGES
Title Ins -- Owners Policy (Negotiable)		$5.75/$1,000 + $5/$1,000 over $100,000 sale price
Title Examination	50
Title Abstract	50
Title Agent Closing Fee	50
Title Ins -- Lender's Coverage	350
Title Endorsements	125	FF9-79.50; ALTA 8.1; ALTA 5.0
RESERVES DEPOSITED WITH LENDER
Ad Valorem Real Estate Taxes, 6 months	$900	Assume 85% of Saleprice less $25,000 times $21/$1,000
Hazard Insurance Premium, 3 months	200
Pre-Paid Interest	60	Minimal if closing at the end of the month
RECOMMENDED BUYER SERVICES
Whole House Inspection	195	Typical for homes under $250,000
Termite Inspection	55	Includes wood rot plus termite and beetle damage
Septic inspection	50	$150 if tank has to be pumped
Buyer's Home Warranty	355	$100 deductible; $160 add'l for pool/spa coverage
EST SETTLEMENT CHARGES	4,720
Plus: DOWN PAYMENT	20,000
REQUIRED INVESTMENT TO BUY HOME	$24,720	Contact Byrd & Dean For Your Custom Printout Ask us about FHA, VA & 100% financing

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