How Much Cash Do I Need to Buy a Home?
When you buy a home there are a few extra items you need to have cash available to Close.
- The first amount you would need would be the Earnest Money (lets the Seller know you are serious and can be a few hundred to a few thousand dollars - be guided by your agent)
- You would also need Down Payment or Deposit (The Mortgage company likes you to invest in your own property, so they will inevitably ask for a cash deposit - however there are programs out there to assist the buyer to buy with a lesser deposit and in some cases, no down payment at all - ask your agent)
- Closing Costs which would include
- Home Inspection
- Appraisal fees
- Private Mortgage Insurance (if Necessary)
- Balance of the purchase price
When buying a home, ask your agent or lender for some guidance in what cash you would require to purchase your home.
Are you not sure whether you can afford to buy a home? Contact me and lets see just how much home you can afford and plan a route and time period for your home purchase.
Call me, Lisa Quin - 919-559-1788 or email me Lisa@LisaQuin.com
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