Home Buying Tips

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The total closing costs associated with buying a home can vary greatly.  Generally speaking, a $200,000 loan will have approximately $5,000 to $6,000 in closing costs.  Keep in mind that you can negotiate to have the seller to pay these.  Many buyer's I work with prefer to do this so they can keep more money in savings or use for improvements to the home.

Costs Associated With Your Loan

  • Loan Origination Fee -  Typically 1% of the loan amount. This is usually how the loan officer is paid.  If they don't charge you an origination fee they're making it up on the interest rate.
  • Doc Prep Fees -  ($300+/-).
  • Miscellaneous Lender Fees - ($200+/-).
  • Appraisal - ($350+/-).  It's customary in the Boise area to ask the seller to pay this.
  • Loan
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How much does it cost to work with a Realtor?

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. 

How much of a down payment do I need?

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.

How much house can I afford?

When people begin thinking about how much of a house payment

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Basic Home Buying Process & Tips Step

1: Determine what you can afford

If don’t have a written budget you are going to want to make one.  How much of a house payment fits into your budget?

Step 2: Get Pre-Approved

If  you're a first time home buyer, make sure you talk to a lender who does Idaho Housing Loans (IHFA Loans).   These loans are often the most competitive with lower interest rates and smaller down payment requirements.  Ask the lender to give you give you a few different options and a "good faith estimate"  that shows you all the costs associated with the loans and what your payment would be.  You can find good lender's that I recommend here.  The lender who pre-approves you is not the person you have to use, but this should be one

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