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Hidden Fees

Hidden Fees To Be Aware of When Purchasing A Home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.

1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.

2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.

3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.

4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.

5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.

Don’t think you are ready?

Buying a property is not a small deal, that is why we are here to help. Anchor Mortgage is here to assist you in figuring out what mortgage plan that is right for you. Our CEO and senior loan processor Dante J Campanelli and our experts here will talk you through the process of getting your new home or rental property. He can be reached directly at 843-367-9900 or Dante@anchormortgagellc.com. Reach out today to hear more about what South Carolina and our business can offer you!

Final thoughts

Anchor Mortgage has low refinance rates throughout the Carolina’s. To learn about our home loan and mortgage programs, contact us today. Dante Campanelli expert loan officer with Anchor Mortgage in Charleston, South Carolina will give you expert advice on cash out refinances, standard refinances, streamline refinances, and more. He can be reached directly at 843-367-9900 or Dante@anchormortgagellc.com

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