When buying a house for the first time, what things do you pay for up front & after you have closed the deal?

Question

Like real estate agent fees, down payment, etc..

What do closing costs consist of?

Answer 1

""Mortgage" literally contains the word "mort" or "death" in it. It was designed from the inset as a debt for the rest of your life! Avoid it if you can."

Good post, but I found this funny.  The Mort = Death is correct, but not because you'll be dead when it's finally paid off.  Although it certainly feels that way, haha.  It's Old French for Death Pledge, meaning that the pledge ends (dies) when the loan is paid off.

"[I]f he doth not pay, then the Land which is put in pledge upon condition for the payment of the money, is taken from him for ever, and so dead to him upon condition, &c. And if he doth pay the money, then the pledge is dead as to the Tenant”

doth = does.

I also would highly recommend having a mortgage payment strategy to get the thing paid off at least a few years or more before you plan on retiring.

Answer 2

ed spelled out the costs pretty well, they will vary a little by state.

You pay cash for closing, no loans, closing has no value, you can not add it to your mortgage.   Often it is split between the buyer and seller.   Some ask for the seller to pay it all, but this only works when the seller is a bank.

Answer 3

Almost EVERYTHING is negotiable, but as a first-time buyer, I didn't know squat about the entire process let alone what was negotiable. So, if you haven't closed yet or made a bid yet, take some time and study up on the entire process.

That may not be what you want to hear, but seriously, you're planning on spending THOUSANDS or HUNDREDS OF THOUSANDS of dollars which will certainly help someone else fulfill their dreams. But what about your dreams? You're the one with the money or at least the credit! So, don't let them call all the shots. After buying four homes and reselling them, if you do it right, your 5th home should be paid for free and clear. If you can do that in 10 to 12 years, that certainly beats a 30 year ball and chain mortgage doesn't it?

"Mortgage" literally contains the word "mort" or "death" in it. It was designed from the inset as a debt for the rest of your life! Avoid it if you can.

Answer 4

.    After you close the sale, you pay for furniture and food.  At the closing you pay

$2,000 loan fees

$700  title fees

$20 recorders office fees

$65 termite inspection

$350 building inspection

$200 HOA fees if you have one

$1,000 first month mortgage

$600 first year's insurance

$500 half year property tax