The money that you will have to spend and when you have to pay varies from loan to loan. Some items, like Earnest Money [EMD] is dependent upon the Real Estate Contract. Typical expenses are:
Application Fee: $410
The Application fee is paid to Pulaski Bank. It covers some of the expenses associated with obtaining a loan, such as credit reports, appraisals. When you sign a RE contract, you commit to have all of your application fees to the Lender and should be paid ASAP to meet the requirements of the RE contract.
Earnest Money Deposit: Varies
As part of the negotiations for a home purchase, as a buyer, you will give an Earnest Money Check [EMD] as part of your good faith to purchase a seller's home. The EMD can be given to a builder, title company or Listing Company's escrow account.
Commitment Fees: Varies
Commitment fees are collected for various loans. A commitment fee may be required when locking your loan for an extended period of time or when loan approval is issued for a build job. A commitment fee may or may not be refundable and this should be discussed when reviewing you loan expenses.
Termite Inspection: $50
A pest inspection is usually required on a Conventional loan and always necessary for a Government loan.
Whole House Inspection: $350
While not required, "buyer beware' is the best advice. Your Realtor can offer the name of several Companies that can inspect heating & air conditioning, electrical, plumbing, etc.
Environmental:
You may want or your company's relocation department may require you to have certain environmental inspections made. Ask your Realtor for guidance in this area.
Radon: $100
Septic Systems: $100
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