David DuBeau

Getting prequalified and being approved for a mortgage are only part of the financial responsibility of buying a home. As a buyer you should know and expect to pay certain closing costs.

Here is a list of common closing costs that you are almost guaranteed to see every time:

1. Down Payment- This ranges from 0 down 100% financing, to anywhere from 3.5% down upwards of 20+%. This is up to you and the loan program you choose and/or are approved for.

2. Credit Report: The first step in qualifying for a mortgage is checking your credit. You generally must pay to view your credit score, and this usually costs around $7 - $20 (per person). Not all lenders charge upfront for this (we do not).

3. Home inspection: Costing around $300 - $500, a home inspection is always recommended. Even new homes (as we teach in our home buying classes) can have faults from horrible work. Your contract can leave you an out if something is wrong as well.

4. Loan Origination and Points: You can pay points in order to get a lower interest rate, but you do not have to and your loan officer should not charge them unless it is talked over with you first. Please see my other blog about this. An origination fee is the cost of doing business with the lender do your loan.

5. Appraisal: An appraisal costs around $400 - $500 depending on the loan and property. This is usually the only fee collected from the lender up front and usually a credit card or check is collected to hold. If the closing costs are being paid for by the seller, then the card/check will not be charged/cashed.

6. Title Insurance and other 3rd party fees: There are other charges that vary based on the purchase price and loan amount like title insurance, government, and notary fees etc. Your lender will always provide a good faith estimate of your expected settlement costs. There are other costs associated with closings to be sure but the good faith estimate will cover them for you.

In this "buyers market" it is very easy to get the seller to pay for your closing costs, so keep that in mind!

Remember, the first step in buying a home or refinancing is to get pre-qualified on a home loan! Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even other 100% financing options) so just go to my website ------> to the right of this section and click on the link (www.daviddubeau.net), or call the number and Micah and I would love to talk to you.

As always, your comments are welcome! You can always follow our blog here, share us or visit us on Facebook, follow on Twitter, Youtube, etc.

OTHER RELATED BLOGS:

Veterans $8,000 home buyer tax credit extended?
http://daviddubeau.blogspot.com/2011/01/veterans-helping-veterans-8000-home.html

How Do I Use My VA Home Loan?
http://daviddubeau.blogspot.com/2011/02/va-home-loan-how-do-i-use-my-veteran-va.html

What is a "Preapproval Letter"?
http://daviddubeau.blogspot.com/2011/02/what-is-preapproval-letter-when-buying.html

Should I Buy A Home Right Now?
http://daviddubeau.blogspot.com/2011/02/should-i-buy-home-right-now-john.html

How to find a great realtor:
http://daviddubeau.blogspot.com/2011/01/how-to-find-great-realtor-to-buy-home.html

Is it cheaper to rent, or buy?
http://daviddubeau.blogspot.com/2011/02/it-is-cheaper-to-buy-than-rent-home.html

What is the difference between a Forecosure, REO, and Short Sale? http://daviddubeau.blogspot.com/2011/02/difference-between-foreclosure-and.html

The housing affordability index measured by the National Association of Home Builders (NAHB) and Wells Fargo hit its highest point ever in the 4th quarter!

What does this mean to you? Housing is more affordable than ever! I can boggle your mind with all the numbers percentages and figures but basically it means the the average income earned has reached the best affordable range for buying a home.

Great news for any renters or first time home buyers out there :)

Looking to buy a home or refinance? I would love to help.

Look right -----------------------------> And Click Call or Write!

What is a USDA Home Loan? Is It Really 100% Financing?

A USDA Guaranteed Loan is a government insured 100% purchase loan. There is no required mortgage insurance with this loan which makes it even more affordable!

This means that you can literally buy a home with 0 down, 100% financing, and even have the seller pay your closing costs!

These Loans are only offered in rural areas, but you would be amazed at what areas qualify for this loan.

The only areas that have SLIGHT restrictions on where your house can be located is in the main Medford, or downtown Central point areas. All other areas in Jackson County, Southern Oregon or the Rogue Valley pretty much qualify (there are some spots in Grants Pass as well that may not).

THE BEST thing you can do is contact us and we can give you a link to check if the address of the home you want qualifies or not.

We can also prequalify you for the loan - and just a heads up, we still close our loans in only 2-3 weeks!

If you are looking to buy in Medford, Central Point, Jacksonville, Eagle Point, Talent, Phoenix, Ashland, Jackson County, Rogue River, Grants Pass, or anywhere on the West Coast for that matter then I would love to help.

Remember, the first step in buying a home or refinancing is to get pre-qualified on a home loan! Sellers do not like to deal with buyers who might not qualify. There are plenty of different options out there (even other 100% financing options) so just go to my website ------> to the right of this section and click on the link (www.daviddubeau.net), or call the number and Micah and I would love to talk to you.

As always, your comments are welcome! You can always follow our blog here, share us or visit us on Facebook, follow on Twitter, Youtube, etc.

OTHER RELATED BLOGS:

Veterans $8,000 home buyer tax credit extended?
http://daviddubeau.blogspot.com/2011/01/veterans-helping-veterans-8000-home.html

How Do I Use My VA Home Loan?
http://daviddubeau.blogspot.com/2011/02/va-home-loan-how-do-i-use-my-veteran-va.html

What is a "Preapproval Letter"?
http://daviddubeau.blogspot.com/2011/02/what-is-preapproval-letter-when-buying.html

Should I Buy A Home Right Now?
http://daviddubeau.blogspot.com/2011/02/should-i-buy-home-right-now-john.html

How to find a great realtor:
http://daviddubeau.blogspot.com/2011/01/how-to-find-great-realtor-to-buy-home.html

Is it cheaper to rent, or buy?
http://daviddubeau.blogspot.com/2011/02/it-is-cheaper-to-buy-than-rent-home.html

What is the difference between a Forecosure, REO, and Short Sale? http://daviddubeau.blogspot.com/2011/02/difference-between-foreclosure-and.html

Are you looking for a VA HOME LOAN and VA Home Loan Rates?

A VA Home Loan is one of the BEST home loans you can get when you buy a home and the rates are incredible!

The rates in the housing market can change sometimes 2-3 times a day, and it is common to do so! The VA Home Loan Rates are usually lower than the average conforming home loan rates.

If you are looking to find where the rates are at and you want a professional to talk to who SPECIALIZES in these types of loans, then contact me and I will be happy to fill you in.

Micah and having also served in the ARMY for 6 years have now done home loans for almost 7 years and VA Loans are our specialty.

We can still close in 2-3 weeks on average as well! Look to the right and Click, Call, or Write!

How To Buy A Home In Medford or the Southern Oregon Area-

The process of buying a home can seem daunting, but it is actually pretty simple! There are stages and different steps in the process, but to simplify it here is a short list:

1) Get prequalified or preapproved for a home loan

2) Once you know what you are approved for, decide where you would like to find a home to live in.

3) Decide what kind of a house you would like to live in (New, foreclosure, Stick Built, Manufactured, etc)

4) Talk with a realtor and "Go Shopping"!

It really is that simple! There are other details to think about for sure, but any questions you have can be answered along the way by your loan officer and realtor.

You can contact us for a prequalification or preapproval to buy a home by looking to the right of this blog, or, here is the best way to reach me as well:

David DuBeau

C: 541.292.9663

O: 541.608.1800

david.dubeau@sterlingsavings.com

www.daviddubeau.net

Need a realtor? Here is one you can trust:

Cheryl Malone

C: 541.951.1960

www.CherylMalone.com

And start shopping today!

Feel free to read some of my other blog posts if you have more questions and good luck in your search!