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by Jace Stolfo
on Tuesday, April 15th, 2008 at 6:09pm.
Working with most Realtors as a buyer is completely free! How is that? Well, when a seller lists their home with an agent they usually pay a commission to the listing agent and the listing agent offers a portion of that to the buyer agents in the area.
It depends on the loan program but there are many where you don’t need any down payment. If this is your first home you will want to make sure you talk to a lender who works with IHFA loans. These are government loans offering 100% financing at discounted rates, down payment assistance, or closing cost assistance.
When people begin thinking about how much of a house payment they can afford they often only consider the principle and interest payment. But there are other homeownership costs to consider such as: Property Taxes, Insurance, Mortgage Insurance, HOA Dues, etc. But REMEMBER! All the interest you pay you can deduct from you income taxes. So if you are comparing homeownership to renting you have to account for that.
Closing costs come from lender fee’s, title company fees, and pre-paid items like taxes and insurance when you buy or sell a home. Typically closing costs for a buyer are $4,000 to $6,000. Often when I work with first-time homebuyers I will negotiate to get the seller to pay for these.
Once you find the house you want to buy the closing process generally takes 3-4 weeks. As the buyer, you usually have more negotiating power if you can offer a quick closing.