Many first time buyers often ask the question How much does it cost to buy a home in Winter Haven.
The major factors are obviously the cost of the home itself. In this example we are going to use a house for sale at $250,000.
The first step is your down payment. It varies upon credit worthiness and loan type. Loans like VA and USDA require no money down (0%). A popular loan is the FHA loan which is 3.5% down. There is also conventional loans that range from 3.5%, 5%, to 20% down.
Loan Closing Costs
The next step is to figure out closing costs. They are typically 3-4% of the loan value. These closing costs include lender fees and loan origination fees. Different lenders have different fees, so this is important to find out up front.
Unless you are paying cash (And even then!) you will want to get a Home Inspection (and Wind Mitigation as well as a 4 Point for Insurance). Home Inspections vary depending on the size and scope of the property, but typically cost around $450. There are other items you can have inspected at additional costs such as septic, roof, or well.
The lender will send an appraiser to the property to compare it to recently sold properties to be sure they are not over-lending on the property. This protects both you the buyer, and the lender, from paying too much for a property. This charge is typically $300-$700.
When transferring a property from one owner to the next, a Title Company or Real Estate Lawyer are involved. There are Title Insurance and other small fees such as a recording fee, record keeping, survey, and title closing fees.
Some of these fees are based on the value of the property, others are a flat fee. The total of these fees typically comes in at less than $1,000, but again can vary depending on the title company as well as the purchase price of the property.
If you would like an example Closing Disclosure to see how it looks and the breakdown of who pays for what contact us. Hopefully this helps answer your question of how much does it cost to buy a home in Winter Haven. If it does not give us a call at 863-333-5053 and we can go over it in more detail.