Step 3: Mortgage Cost

Once you've made an offer and it's been accepted, it's time to understand some of the initial fees


  •  Due Diligence and Earnest Money - 1% of purchase price (typically). You will likely lose this money if you do not fulfill the purchase and sales contract. However, if you go through with the purchase and sales contract this money will be credited back to you at closing. So, that's about $2,000 on a $200,000 purchase.
    2. Home Inspection - $500.
    3. Appraisal - $595.
    4. Closing Attorney - $800.
    5. Pest Inspection - $60.
    6. Radon Test (if necessary) - $80.
    7. Home Owners Insurance - (cost depends on price of home).
    8. Title Insurance - (cost depends on price of home).
  • Other fee's 
     


American Dream Residential -  is the DBA (Doing Business As) for Andy May Group, LLC in the States of Florida, North Carolina, Texas, and Virginia. In any other state, American Dream Residential is not used unless a DBA has been filed.   NATIONAL MORTGAGE LICENSING SYSTEM universal mortgage ID: 88010. Andrew Walter May, licensed loan officer -  I103418. www.nmlsconsumeraccess.org (Nationwide Multistate Licensing System) will show current loan officers for Andy May Group, LLC. Licensed by the North Carolina Commissioner of Banks - License Number B-148020 and the Virginia SCC Bureau of Financial Institutions
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