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Monday, February 20, 2017

Buying a Home in Viera, Florida: How Much Money Do I Need to Close? Where to start?

The home buying process requires a strategy... successful transactions don't just happen (usually).

Among all the considerations and concerns about buying the key one is almost always the finances. Let' face it, a home purchase is probably the most important financial decisions a person makes.

So how does a buyer formulate the best strategy for buying a home?

There are a couple of critical steps

The first is identifying a local knowledgeable real estate agent to guide them through the process.  The buyer's real estate agent does not cost the buyer anything so this step is an easy one.

The next step can be expensive if the wrong choice is made.... choosing a lender.  I suggest buyer's consider a lender they trust.  Start with your own current lender.  If they do not offer mortgages I am pretty confident they can refer to a lender they can trust. 

Another referral source - your buyer's agent!

Once a lender is contacted the lender can discuss the specific types of loan specific buyers should consider based on their credit history, needs and resources.

Your lender can help identify how much money will be needed for closing.

The lender will likely provide the information dealing with pre-paids and lender related closing costs (taxes, insurance (12 months home owner insurance, mortgage insurance, mortgage application fees, credit report fee, appraisals, etc.).  This information, combined with your agent's estimates, can provide a solid estimate of cost to close.

Your agent will be able to provide estimates for things like property inspection, septic system inspection (if not on sewer system), termite (WDO) inspection, survey.  

Some buyer costs like title insurance are negotiable.  Here in Brevard County, Florida it is customary for the seller to pay this for the buyer however this varies by location - even within the state of Florida.

All of these costs can add up.  Most of these inspection costs are money out the door regardless of whether the property sale closes

Understanding the type of mortgage being used will help guide the property selection process as certain condition issues may be acceptable with a conventional or cash purchase but will not fly with an FHA or VA loan!

So how much  money is needed for closing?  It all depends on the loan type, property type, location and purchase contract.

So if there is no specific answer what does one do if they want to buy a home in Viera, Florida?  Start with a good plan - call a local real estate agent!

Ready to buy a home in Florida?  Here are some key things to know...

Considering the purchase of a home in Viera or Melbourne, Florida?  Call or text me at 321-693-3850.  Want a local lender reference?  I will gladly help!

Ready to sell your Rockledge or Viera, Florida home?  Call or text me for your free market analysis.  Waters Realty of Brevard is a small office, delivering personalized results to the most experienced or inexperienced buyers and sellers.  Try us!

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