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WHAT UPFRONT COSTS TO EXPECT WHEN SUBMITTING OFFERS
Congratulations! You're ready to submit an offer! Unsure of what money comes out of pocket? Here's a list of what you can expect to pay for before settlement
CLOSING COSTS - We like to estimate closing costs somewhere between 3 54% in Maryland. Closing costs are standard fees and charges associated with the purchase transaction to secure the loan. Common closing costs can include lender fees, title fees, state recording fees, as well as homeowners insurance and taxes to be placed in an escrow account. Seller Contribution can usually be negotiated with the offer you submit to help cover these costs.
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EARNEST MONEY DEPOSIT - This deposit shows the seller that you are a serious buyer; in fact, most offers will not be accepted without an EMD. This money will be securely held by the brokerage in an escrow account, or with the title company. This money will be applied to the overall closing costs at the end of the transaction. Getting your EMD back will be dependent on contingency dates should you not move forward with the purchase. This CANNOT be paid in the form of cash, the lender will need to verify the payment with a paper trail. Acceptable forms of payment include wire, cashiers check, or money order.
HOME INSPECTION - This is not required for a loan, but borrowers often chose to have a home inspection completed as home inspections evaluate different aspects of the home than the required appraisal. The buyer is responsible for the cost, including a required WDI (Wood Destroying Insects) inspection per VA requirements.
APPRAISAL - All purchases funded by a loan will require the home to be evaluated by an appraiser paid for by the buyer. Some lenders can put this fee into the closing costs if upfront payment isn't an option.
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