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Top 4 Costs to Consider When Purchasing a House

November 19, 2020 by Shannon Christenot

Home Buying Tips in Los Angeles California

Buying your first forever home is an exciting venture, and no one doubts how it will be the most expensive investment most will make in a lifetime. However, it’s easy to think that you only need to consider the down payment fees on top of the property’s total cost, but the initial price tag you see doesn’t show the full story.

Other financial factors can increase the total cost of buying a home, so it’s critical to know some of these hidden expenses before you grab the keys to your new space and seal the deal. Here are some of the fees involved in the home buying process:

Tips Before Buying a Home

  1. Lender-Based, Underwriting, and Application Fees. One of the first steps to gathering enough financial coverage when purchasing a home is to ask for a loan from your lender. However, their services require payment, ranging from underwriting fees, application fees, and more. There are cases when you can leverage one percent discount points, which can cut down your interest rate and monthly payment.
  2. Monthly Mortgage Payment. On top of the down payment and application fees of creating a loan, the next step is paying for the portion of your loan’s principal, which is your monthly mortgage payment. This includes the amount you borrowed plus the interest, which you can easily determine using a mortgage calculator.
  3. Title-based Fees. Another crucial factor that can demand more from your budget involves several title-based fees, including paying for title services such as title search, title settlement, title insurance binder, and title insurance. Keep in mind that most homebuyers are typically required to buy a lender’s title insurance since it is designed to protect the lender if a problem occurs, though you can also buy separate title insurance for yourself if you have the financial means.
  4. Survey and Appraisal Fees. Other expenses include surveying the land, which can drive up to a whopping $500. Meanwhile, the appraisal fee is a necessary service that justifies the money a lender provides for your property, reaching between $300 to $400 for their service.

The Bottom Line: Fees you Need to Familiarize yourself with Before Buying a Home

Buying your dream home is never a straightforward process, especially when determining the right budget to turn your blueprint into reality. Even if you can afford to purchase the best house in your ideal neighborhood, different fees can quickly add to your total costs.

Knowing the underlying expenses when buying a home should help you draw up the best price to help put you in a better financial position.

How Can We Help Take the Guesswork Out of your Home Buying Experience?

We’re the best mortgage broker in LA, USA, that can help make your mortgage work for you. Whether you need help with property investing, construction loans, or improve lousy credit loans, we can take the guesswork out of these requirements and ensure you can settle down into your dream home in no time.

Get in touch with us at (818) 601-2231 and get a free mortgage rate quote today!

Filed Under: Buy A Home Tagged With: Buy a home tips, California, Los Angeles

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Shannon Christenot
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Caroline Wong
Caroline Wong
17:04 22 Apr 20
Shannon was very prompt and responsive to all queries. The process went more smoothly than I ever could have imagined. Highly recommend Shannon for all your mortgage/re-financing needs.
Sarah Goldberger
Sarah Goldberger
19:36 21 Apr 20
I cannot recommend Shannon highly enough! As an independent contractor, I knew getting a mortgage would be a little difficult, and Shannon supported me and helped make it work every step of the way. If I ever need brokerage services again, she'll be my first call!read more
Kristina Robbins
Kristina Robbins
21:47 15 Apr 20
We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
Karl Larsen
Karl Larsen
23:55 13 Apr 20
Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
Tony Bilby
03:09 07 Mar 20
Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
jojo quijada
jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
Rotimi Ayanbeku
Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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Shannon Christenot is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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