help! buying a home! do inspections, and closing cost....?

Question

do inspections and closing costs get rolled into my mortgage or do they come out of my pocket? im new to the housing game and looking to get some answers.

Answer 1

Out of pocket. You will have to pay cash or check to the inspector. The bank, seller and realtor have nothing to do with this, though the realtor will probably recommend an inspector and the contracts will rely on the inspector giving the okay on everything.

The closing costs are also out of pocket since this is the money the bank and closing company make for doing this service. The bank isn't going to loan you this money to pay themselves.

Try getting the seller to pay your closing costs, if you haven't already negotiated the price. That practice is becoming more common. Its called seller assistance and banks are okay with it.
I just did this with my home and it saved me a lot of money. You could also offer more money for the house than is being asked, if they will pay your costs. This way the seller gets the money back after they get their check and your costs get rolled into your mortgage.

Answer 2

I know you do have the option to combine closing costs and home inspection into your mortgage. However, I would just pay out of pocket for the inspection for it is not too steep of a cost usually. However, if you don't have the closing costs, I would include it in my mortgage. Good luck with your new home and don't be nervous. The whole game is just signing and initialing your life away at a big table with lawyers, realtors, etc.

Answer 3

certain items are almost always paid out of pocket; appraisal, pest report etc. usually just those two.
For purchasing a home, a seller credit can be negotiated. This is a conssesion on the part of whoever you are buying the house from. It is a cash amount that is credited towards your costs right as the deal goes through. They are not rolled into your loan per se, but since the seller knows he has to give you equity, the price is you paying a higher cost for the house and having slightly larger loans.
Versus paying costs in cash.
Might want to get with a broker and find out what you can expect as far as costs, then evaluate your finances and see what is the best cource.

Answer 4

Ask your mortage lady sometimes they include it in the mortage I know my mortage lady did & the Appraisel Fee was $600 the closing costs usually you can get the seller to do it but yes usually the inspections come out of your pocket.Good Luck

Answer 5

One very important thing to do is to make sure you get the best loan possible. So many times, real estate agents refer you to "their person" but you can wind up paying more for the next 15-30 years.
Go to Lendingtree.com to have several loan agents bid on you, for no obligation. This way you can see what rates and fees are out there. Do not get a loan without doing this !!!
I have even negotiated on the closing costs and the interest rate. beleive it or not it is negotiable. Make sure you are getting the best deal.

Answer 6

Yes, you pay for the ispection when it is done. The inspector wants to be paid up front in case the deal fall through. If it goes bad and he was to be paid at closing then he is out of luck. This should be a question for your agent. Where is he/she?

Answer 7

Inspections don't, but you can have to closing costs put into your morgage. an inspection isn't that expensive two hundred or so...

good luck
and congrats

Answer 8

you can get by incorporating everything into your mortgage with the exception of the appraisal.

Answer 9

Depends. Usually it all comes out of your pocket.

Answer 10

appraisal is normally free ,,,at least i do so ...write in details to [e-mail]
regards,
kish
480.751.4125