When you close on your home, you will be paying around 2 to 6 percent of the purchase price in closing costs, or fees paid to third parties for their services. Lenders are required by law to provide you with an estimate of how much these closing costs will cost you so you know what to expect. [Read more…]
When it comes to closing on your home, lenders are required to give you an estimate of how much your closing costs will be. Typically, home buyers will pay 2 to 6 percent of the purchase price of the home in closing costs and since closing costs are third party fees, they can be different from your estimate.
If you aren’t prepared, these costs can end up being more than you can handle. Depending on your situation, there are many options available to help you get closing cost assistance. [Read more…]
When you are preparing to buy a home and get a home inspection, don’t hire the first inspector you come across. Do your homework when choosing a licensed home inspector so you will have a quality home inspection that will reveal potential issues about the home before you buy it.
To have a good and thorough inspection, hire someone that knows what they’re doing and can properly identify your potential home’s defects. Just like in any profession, there will be those who are more qualified than others. [Read more…]
The housing market and the economy are closely related. If people are not confident in the market and aren’t buying homes, home sales will drop whether they are being sold or not. As a consequence, many homeowners will be at risk of going underwater.
The 2008 recession was, in part, triggered by falling home prices and many loans issued at the time were at risk of defaulting. Many people who could afford to pay their loans chose to walk away when they sold their homes. Luckily, confidence in the housing market is rising once again:
- Loan delinquency and foreclosures are decreasing
- Home construction jobs are increasing
- Mortgage rates are rising
When looking for home loans in KC, you have a variety of local loan programs to choose. If you are just starting to review your options, here are a few of the basic KC programs to be aware of:
- First time homebuyer programs
- USDA home loans
- VA home loans
- FHA Loans
First Time Homebuyer Programs
If a lack of funds for a down payment and closing costs have kept you from purchasing a home, first time homebuyer programs may be able to help. Many of these programs offer forgivable loans to eligible borrowers that can greatly reduce the out-of pocket costs associated with buying a home. Some cities such as Blue Springs and Lee’s Summit have their own first-time home buying programs. Each features a different grant amount. They also have their own qualification guidelines and most are based on income limits as well as the location of the property. [Read more…]