What are some costs I should expect with buying a house for the first time?

Question

I have not lived on my own in several years and have always rented apartments with friends. I have been saving money for the down payment, but I don't know how much I need for the house, and how much will go to other "stuff."

Answer 1

Every market varies as to cost so the best I can do not knowing what market you are contemplating buying in, is give you what the government says about the closing costs
HUD Revised Borrower’s Closing costs guidelines: http://www.hudclips.org/sub_nonhud/cgi/nph-brs.cgi?d=MLET&s1=06-$[no]&op1=AND&SECT1=TXTHLB&SECT5=MLET&u=./hudclips.cgi&p=1&r=23&f=G
HUD Sample of Good Faith Estimate: http://www.hud.gov/offices/hsg/sfh/res/resappc.cfm
The HUD-1 closing costs form explained: http://www.alta.org/consumer/hud1.cfm
Talk to a local real estate licensee and they will be more than happy to give you some estimates on what you are looking for in your area. It don't cost anything to get that information.
Buena Suerte

Answer 2

first, you do need to have that 'down' money. the money you plan to pay upfront for your home, which is subtracted from the total to get the amount for your mortgage. but, when you make an offer, you have to give some money to the realtor in good faith............like a thousand dollars, or more, depending on the amount of house you are buying i guess. this too will be subtracted from the total of your home. you will need money to pay the fee to process your mortgage financing. our bank charged us 275.00 up front last year. then we needed money for an appraisal, and any inspections we had done, which totaled 495.00 most other costs associated with buying your home are included in your mortgage payment. i think that's it!!!! hope that helps.

Answer 3

Phone a real estate company and ask about associated costs in buying. They will tell you.
Have as big a down payment as you can, and don't apply for sub prime mortgage...if you can't afford a house or can't get real financing, forget about it for now, because in the US at least, the housing market is collapsing.

Answer 4

I have 2 homes and I rent them out......
I suggest you put 10% down on the asking price....Get preapproved so a professional can tell you what you can aford. That will tell you what price you can start at.
You have to pay insurance, closing costs, taxes, etc...at closing on the loan....
Becareful and do not over extend yourself.....better to rental and save $25,000......try to save $5K each year for 5 years and you will be in great shape to take the step...
Always do your homework and kearn everything, prepair for the future..plan out your ideas and goals..
good luck

Answer 5

always figure at least 5% down some times 10, depending on who you are working with. plus an extra 1000 on the side for insurance, title work, appraisals, etc.