Tuesday, October 08, 2013

What fees can I expect when purchasing my Orlando Home?

This may be information for first time home buyers or a recap for seasoned buyers.  After you decide to consider purchasing an Orlando home, you need to determine what money you will need for your loan and transaction.  You will need to spend money in 3 instances, during the transaction, at the end when you close, and then ongoing payment for your loan.

  • Upfront in the transaction you will need money for your escrow payment, inspections, and appraisal. Your escrow payment will be due immediately after buyer and seller agree to contract terms.  Your inspection and appraisal money will be need within the first week or two after contract.
  • In about 30-45 days, your loan down payment, plus your closing costs will be due.  This will paid at closing.  
  • Once you close on your property, you are locked in to a monthly payment with your lender for a certain amount for the duration of your loan.  Your monthly mortgage payment will include Principal, Interest, and Escrows (escrows represents prepayment for insurance and taxes).
Your Orlando buyers agent can guide you through the home buying process, educate you on fees, so you are informed about what's involved in your Orlando Purchase!