JamieD posted on August 01, 2010
The following cost are in addition to the down payment
Loan application - $350 - $450
This is paid to the lender to pay for the credit reports and order the home appraisal.
Earnest Money – negotiable
This is the amount of money that you offer to demonstrate to the seller that you are earnest and sincere about purchasing the home. It is your money and is treated as a credit on your behalf but if you default the seller could be entitled to it.
Home Inspection - $250 - $450
All homes have some type of defect! It is the buyers responsibility to have the home inspected to uncover any defects or problems with appliances, roofs or any attachment to the home.
Termite Inspection - $30 - $50
Buyers are now responsible to have the home inspected for wood destroying organisms.
Home Owners Insurance - $400 - $700
Determined by the value of the home. Homeowners insurances provides coverage in the event of damage to your property, as well as liability for injuries and damaged caused to other people.