You are viewing the printer-friendly version of I'm getting ready to buy my fourth house. How can I get an accurate estimate?I'm getting ready to buy my fourth house. How can I get an accurate estimate?Thomas R. in Atlanta, GA writes,Stephen, I'm getting ready to buy my fourth house. On each of my last 3 deals, more money was required than was indicated on my Good Faith Estimate. What should I be looking for to get an accurate estimate? Thomas, the lender should include all of the required costs, but every deal is unique. Here are some variable expenses that could affect your estimate: Owner's Title Insurance – Coverage is required for the lender, but in most states, the owner's portion is optional. Home Inspection – An appraisal is required to determine market value, but it's up to you to hire an inspector to make sure major home systems are operational. Homeowners Association Fees – Many subdivisions have mandatory association and initiation fees. Your lender will not be aware of this at time of loan application. Survey – Most lenders don't require a survey, but it's a good idea to have one to avoid violation of property lines or setback regulations. Final Inspection – If the appraiser notes that the home is not complete, or major repairs are needed, the lender will require a final inspection. Fees are typically $75-$100. Although this list is not exhaustive, I hope it helps eliminate any surprises on your next purchase. Please don't hesitate to call us for any further explanation. Stephen If you have a question that you would like me to answer please email me at Stephen@katzmortgageteam.com. |