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The Cost of Buying a Home

A home is more than a financial investment, but if you have made the decision to buy your first home, here are a few costs you will need to prepare for.

Home expenses can have an impact depending on the budget that you set for purchasing your home. It is important to determine what these expenses are before you decide on a property. It is also important to think about your financial goals. A new home doesn’t just mean a monthly payment. Think about the costs that will impact your finances and work these costs into the affordability of the home you are looking at.

EARNEST MONEY

This is an upfront deposit that gets applied to your down payment or closing costs.

  • Typically 1-2% of sales price – the amount of earnest money is negotiable and varies with the value of the property.

DOWN PAYMENT

Your down payment can vary depending on available programs to you. It is the difference between your mortgage amount and the purchase price of your home.

  • Most loans today require a down payment between 3% to 20%.

Closing Costs

Closing fees include things like the attorney’s fees, survey fees, and document preparation fees.

  • Typically, closing costs will range between 3% and 6% of the purchase price.

PROPERTY TAX

This depends on the state you reside in.

INSURANCE

Depending on your loan program and down payment, you may pay mortgage insurance. Homeowner’s insurance is also required.

MAINTENANCE, APPLIANCES, AND FURNISHINGS

It is recommended that homeowners put aside money to cover maintenance ranging from lawn equipment to household tools. When budgeting for your new home, remember to set money aside for any appliances or furniture you’ll want to purchase upon closing.

Additional things to consider include:

  • Utilities
  • Water and trash service
  • outdoor upkeep
  • emergencies

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COMPLAINT AND LICENSING INFO

Complaints may be directed to Hallmark Home Mortgage at 855.249.7731 or an email may be sent to: complaints@1hallmark.com

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Hallmark Home Mortgage, LLC (NMLS # 53441) is an Equal Housing Lender. Hallmark Home Mortgage is not endorsed by any government agency. Reviews and comments have been submitted by customers voluntarily, are solely the views of such customers, and have been screened by Hallmark Mortgage LLC prior to publication in accordance with our guidelines. Customers were not compensated for their reviews/comments but were informed that the submittals may be used in Hallmark Mortgage LLC advertising. Hallmark Home Mortgage, LLC (NMLS # 53441) is not licensed to originate in all states. All rights reserved. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. This is not a commitment to lend nor an offer to enter into a rate lock agreement. Terms, conditions and programs are subject to change without notice. Certain limitations apply. Contact us for additional details. Not all offices are licensed in all states. Visit: https://www.hallmarkhomemortgage.com/disclosures for complete licensing information. Through UnitedHealthcare, UMR and HealthSCOPE Benefits creates and publishes the Machine-Readable Files on behalf of Hallmark Home Mortgage. To link to the Machine-Readable Files, please click on the URL provided: https://transparency-in-coverage.uhc.com

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    • Leadership Team
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    • Contact Us
    • Purchase
    • Refinance
    • New Construction
    • Homebuying 101
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