What Initial costs do I have to come up with to buy a home?
Answer: That depends on a number of factors such as:
In general, you need to come up with enough money to cover three costs:
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earnest money - the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house
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the down payment, a percentage of the cost of the home that you must pay when you go to settlement
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and closing costs, the costs associated with processing the paperwork to buy a house
How do I find a lender?
Answer: Shopping for a loan is like shopping for any other large purchase: Henderson Management & Real Estate can help you save money by looking around for the best prices. Thus, we have searched and picked out our Top 3 lenders with lower interest rates and loan fees which can make a big difference in how much home you can afford.
Please click on the View Our Top 3 Lenders' icon for more information!
When you make an offer on a home, we at Henderson Management & Real Estate will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies, but the more money you can put into your down payment, the lower your mortgage payments will be over the life of the mortgage.
