Qualifying and being approved for a mortgage are only part of the financial responsibility of buying a home. There’s also a host of closing costs that, as a buyer, you should expect. Affordability is a topic on the minds of today’s buyers, so researching each of the following costs, large and small, is important.
1. Down Payment. This amount ranges widely depending on the dollar price of your home, but many financial experts recommend a down payment be at least 20 percent of the total cost of the house.
2. Credit Report and Score: Before you even think about buying a home, you need to verify the accuracy of your credit report and score. You may access your credit report three times a year for free at annualcreditreport.com, but you generally must pay to view your credit score. This costs around $10 – $20.