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13 Extra Costs to be Aware of Before Buying a Home


Whether you're looking to buy your first home, or trading up to a larger one, there are many costs - on top of the purchase price - that you must figure into your calculation of affordability. These extra fees, such as taxes and other additional costs, could surprise you with an unwanted financial nightmare on closing day if you're not informed and prepared.

Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can bud-get properly. Remember, buying a home is a maj or milestone. Whether it's your first, second or tenth home, there are many important details to address, during the process. The last thing you need are unbudgeted financial obligations cropping up hours before you take possession of your new home. Read through the following checklist to make sure you're budgeting properly for your next move.

1. Appraisal Fee

Your lending institution may request an appraisal of the property, which would be your responsibility to pay for. Appraisals can vary in price from approximately $175 -$ 300.

2. Property Taxes

Depending on your down payment, your lending institution may decide to include your property taxes in your monthly mortgage payments. If your property taxes are not added to your monthly payments, your lending institution may require annual proof that your taxes have been paid.

3. Survey Fee

When the home you purchase is a resale (vs. a new home), your lending institution may ask for an updated property survey. The cost for this survey can vary between $190 - $1,000.

4. Property Insurance

Home insurance covers the replacement value of your home (structure and contents). Your lending institution will request proof that you are insured as it protects their investment on the loan. Beware! Some homes may not be insurable. Make sure you have an insurability clause in your purchase contract.

5. Service Charges

Any new utility that services your hook up, such as telephone or cable, may require an installation fee.

6. Escrow and Document Preparation Fees

Escrow fees are split between the buyer and the seller in Colorado. However, additional fees will be charged for the buyer's mortgage closing. This can include first and second mortgages. In addition to the "Doc Prep" fees charged by the lender, some lenders will e mail the loan documents and therefore the escrow or title company may charge a electric to paper fee.

7. Mortgage Loan Insurance Fee

Depending upon the equity in your home, some mortgages require mortgage loan insurance. This type of insurance will cost you between 0.5% -3.5% of the total amount of the mortgage. Usually payments are made monthly in addition to your mortgage and tax payment.

8. Mortgage Brokers Fee

A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing. However, it pays to shop around because many mortgage brokers will provide their services free to you by having the lending institution absorb the cost.

9. Moving Costs

The cost for a professional mover can cost you in the range of:

?$50-$100/hour for a van and 3 movers, and
?10-20% higher during peak demand seasons.

10. Maintenance or HOA Fees

Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.

11. Water Quality and Quality Certification

If the home you purchased is serviced by a well, you should consider having your water checked by your local experts. Depending upon where you live, determines whether or not a fee is charged, to certify the quantity and quality of the water.

12. Local Improvements

If the town, city or county you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property's taxes by hundreds of dollars.

13. Metropolitan or Special Tax Districts

This is a unique tax district set up by the developer to finance all aspects of the physical infrastructure such as streets, sewer and even recreation centers or golf courses. The developer only has to put up a small percentage of monies for these costs and the rest are floated with bonds and added to the homeowners tax bills until paid off. The arrangement can work nicely when there are plenty of homebuyers to pick up the tax bill. But, in a down market, watch out...you could end up holding the bag when there are not enough buyers to fund the bonds.

Are you looking for Real Estate in Denver Colorado? Visit http://www.realtyoasis.com to find current information and resources about home sales in Colorado. Realty Oasis Metro Brokers offers the top realty expertise and resources to help you find your dream home. Also check out our current home listings in Colorado at http://www.realtyoasis.com/listings/residential.asp. We have extensive home listings in Parker, Highlands Ranch, Aurora, Centennial and all cities in Colorado's Front Range.

Mark Eibner is the cofounder and Broker owner of Realty Oasis. When you hire Mark you also hire an entire team of professionals. Each staff member performs a specialized part of the buying and selling process. This support team helped place Mark among Denver's Top 5 Realtors from 1997 through 1999, and in the #1 position in 2000.


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Fri. May / 24 / 2019



Refinance mortgage rate moves higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate ticked up. If you're shopping for a mortgage, see how your payments might be affected.


Mortgage refinance booms are a thing of the past: MBA chief economist  National Mortgage News

The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ...


Can You Use a Mortgage Refinance to Pay Down Debt?  The Motley Fool

Find out if you can use a mortgage refinance loan to pay down debt -- and if it's a good idea to do so.


Refinance rates fall for Wednesday  Bankrate.com

Several closely watched refinance rates decreased today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both ticked downward.


Refinance mortgage rate increases for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate ticked up. See what that means for you if you're in the market for a mortgage.


What homebuyers and refinancers should know about timing mortgage rate movements  Bankrate.com

It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ...


Mortgage rates head down for the third week in a row  The Washington Post

A volatile week in the financial markets had little effect on mortgage rates. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate ...


Refinance rates tick lower for Monday  Bankrate.com

Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you.


Can You Refinance a Reverse Mortgage? | US  U.S News & World Report Money

Refinancing a reverse mortgage may be best for adding a spouse to the loan, getting a better interest rate or accessing more home equity.


Kenya launches mortgage refinance firm to offer loans to lenders - Xinhua | English.news.cn  Xinhua

NAIROBI, May 22 (Xinhua) -- Kenyan President Uhuru Kenyatta on Wednesday launched the Kenya Mortgage Refinance Company (KMRC), a financial ...


Mortgage rates move higher for Tuesday  Bankrate.com

Multiple closely watched mortgage rates rose today. The average for a 30-year fixed-rate mortgage were higher, but the average rate on a 15-year fixed receded ...


Refinance mortgage rate drops for Friday  Bankrate.com

Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.


Refinance rates retreat for Friday  Bankrate.com

Several closely watched refinance rates trended down today. See what that means for your refinance chances.


Refinance mortgage rate ratchets higher for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.


Fannie Mae and Freddie Mac are refinancing fewer mortgages than at any point since the crisis  HousingWire

Recently released data from the Federal Reserve Bank of New York's Center for Microeconomic Data revealed that the first quarter of this year was the mortgage ...


Mortgage rates pull back on weak inflation data  The Washington Post

After a month of increases, mortgage rates retreated this week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ...


Trade tensions push mortgage rates lower for second week in a row  Washington Post

Concerns about the U.S.-China trade feud pushed mortgage rates lower this week. According to data released Thursday by Freddie Mac, the 30-year fixed-rate ...


Mortgage applications slightly lower despite three weeks of falling rates  CNBC

Mortgage hunters were not particularly impressed with the latest drop in interest rates. Mortgage application volume dropped 0.6% last week from the previous ...


Mortgage rates decline for Tuesday  Bankrate.com

Several benchmark mortgage rates slid lower today. If you're shopping for a home loan, see how your future mortgage payments could be affected.


Refinance rates tick higher for Thursday  Bankrate.com

Multiple closely watched refinance rates trended upward today. See what that means for your refinance chances.


Refinance rates decline for Tuesday  Bankrate.com

Several closely watched refinance rates trended down today. See what that means for you if you're in the market for a mortgage.


Weekly mortgage applications drop 4.3%, despite lower interest rates  CNBC

It may be the heart of the spring housing season, but the mortgage market isn't seeing big business.


Refinance rates tick lower for Tuesday  Bankrate.com

Several key refinance rates dropped today. If you're shopping for a home loan, see what that means for you.


Mortgage Rates Bounce Back  Mortgage News Daily

Mortgage rates had a fairly decent day yesterday as far as most lenders are concerned. A few lenders saw fit to bump rates up in the afternoon following a day of ...


How to get out of debt: 4 balances you should refinance in 2019  USA TODAY

Is this a good time to refinance your debt? Here are a few debts that you should consider refinancing in 2019.


More Americans apply for mortgages as refinances rise  Mortgage Professional America

Mortgage applications rose last week, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending May 17.


Mortgage Traders Breathe Easier as the Risk of a Refinancing Wave Ebbs  Bloomberg

Mortgage investors are breathing a sigh of relief amid signs a potential surge in prepayments set to weigh on returns may be avoided.


Mortgage Rates Mostly Hold Near Lows, But Things Could Change Tomorrow  Mortgage News Daily

Mortgage rates moved microscopically higher today, depending on the lender. In terms of underlying movement in the bond market, however, rates should have ...


Mortgage rates decline for Thursday  Bankrate.com

Several closely watched mortgage rates decreased today. If you're in the market for a mortgage, see how your payments might be affected.


US News: How and Why to Refinance a Reverse Mortgage  Reverse Mortgage Daily

Refinancing an existing reverse mortgage into a new and potentially better one could be an option that works for some senior homeowners, but it's not a ...


Refinance rates ratchet higher for Monday  Bankrate.com

Multiple benchmark refinance rates floated higher today. If you're shopping for a refi, see how your future mortgage payments could be affected.


Plaza Home Mortgage Launches New Loan Program  DSNews.com

Wholesale and correspondent lender, Plaza Home Mortgage has announced a new High Balance Access loan program that allows borrowers to qualify for ...


Real estate transactions: Hyatt House coming to Metropark Square mixed-use development  Chron

Austin-based Aspen Heights and partner Safanad, a global investment firm with offices in New York, London and Dubai, have refinanced a construction loan for ...


Experts weigh in on whether to pay off your mortgage early or put your money to work elsewhere  The Union Leader

Paying off a mortgage is a huge accomplishment, and it's a cornerstone of financial independence. Homeowners who don't want the shadow of a mortgage ...


Bring on the refis: Freddie Mac expects mortgage rates to remain low all year  HousingWire

Favorable mortgage rates are expected to boost homebuyer affordability for the remainder of 2019, according to Freddie Mac's April Forecast. According to the ...


Mortgage rates move down for Tuesday  Bankrate.com

Several key mortgage rates trended down today. The average rates on 30-year fixed and 15-year fixed mortgages both ticked downwards. The average rate on ...


VA loan series: VA vs FHA vs USDA | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

VA loan *service* requirements are important when it comes time to get a VA mortgage. Depending on your *service* status it's possible to avoid funding fees.


Mortgage rates increase for Thursday  Bankrate.com

Several key mortgage rates ticked up today. See how that could affect your mortgage payments.


Refinance rates trend higher for Saturday  Bankrate.com

Multiple key refinance rates climbed today. See what that means for your refinance.


Mortgage rates climb for Monday  Bankrate.com

Several benchmark mortgage rates notched higher today. If you haven't locked yet, see how your future mortgage payments could be affected.


When will non-QM loans and HELOCs take off?  National Mortgage News

The shift to nonbank lenders will put the breaks on non-qualified mortgage and home equity line of credit origination growth.


What the plunging 10-year Treasury yield says about the economy and stock market  Yahoo Finance

The 10-year Treasury yield has major implications for the stock and housing markets.


When to Refinance a 15 Year Mortgage to a 30 Year Mortgage  SavingAdvice.com

When you are ready to refinance a mortgage, one thing to you may wonder is should I Refinance My 15 Yr Mortgage to a 30 Yr Mortgage? Read her to find out.


Mortgage rates decrease for Wednesday  Bankrate.com

Multiple benchmark mortgage rates tapered off today. If you're shopping for a home loan, see how your finances could be affected.


Childhood Asthma: A Lingering Effect of Redlining  CityLab

New research shows that disparities in housing contribute to disparities in one of the most common chronic diseases afflicting children.


LendingTree partners with Military.com to offer VA home loans  Mortgage Professional America

Military member and veterans can choose and compare loans on the site.


Rotich to unveil mortgage refinance company today  Business Daily

Kenya's first mortgage refinancing company that will make it easier for banks to access long-term funds for cheaper home loans will be launched today after 20 ...


5.21.19 Mortgage rates are falling; FDA warning on dietary supplements; SAT's new adversity score  WSB Atlanta

Mortgage rates are dropping. This is great if you are buying and many should consider a refinance; The FDA gives a warning on dietary supplements to watch ...


'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing  Forbes

Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...


Don’t dig yourself deeper in debt with these ‘solutions’  USA TODAY

Americans are slipping ever deeper into hock. To cope, many people turn to debt consolidation loans, cash-out mortgage refinancing and retirement plan loans ...


Is a No Closing Cost Mortgage Right for You?  U.S News & World Report Money

A no-closing-cost mortgage conserves cash upfront when borrowers buy or refinance a home, but you will pay more interest over the life of the loan.


How to Refinance a Small Business Loan  U.S News & World Report Money

Refinancing a small business loan, compared with a mortgage, has a few more steps and may require as much documentation as your initial business loan.


May Fed Meeting: Mortgage rates fall as the Fed maintains "patient" stance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The third Fed meeting of the year adjourned on May 1 and mortgage rates are benefitting. The group continued on the “patient” path as far as future rate hikes.


Mortgage refinance boom goes bust as rates shift higher  CNBC

A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.


In mortgages, these banks zigged while many others zagged  National Mortgage News

While regulation and nonbank competition are spooking some banks, others believe low funding costs and the right relationships can help them succeed.


Mortgage rates are low. Here's how to figure out if you should refinance  NBC News

Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.


Here’s how much money you’ll save shopping for a mortgage with multiple lenders  Bankrate.com

Don't just get a rate quote from one mortgage lender. We have proof that it pays to shop around.


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


These are the best (and worst) reasons to refinance your mortgage  Bankrate.com

Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...


The main reason to refinance your mortgage: Save money  Chicago Tribune

A substantial drop in interest rate on a fixed rate mortgage could save you money with a refinance. But you must factor in closing costs on the transaction.


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


Bank of Ireland plans to sell £2.27bn prime UK mortgage debt  The Irish Times

State's largest domestic bank could raise as much as £350m.


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Refinance mortgage rate drops for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.


Australia's Lowest Mortgage Rate Just Got Lower  Lifehacker Australia

While millions of mortgage-holding Aussies wait with bated breath over the next Reserve Bank of Australia (RBA) cash rate decision, some lenders are taking ...


Still haven’t refinanced your mortgage? You still have an opportunity to save big  Bankrate.com

Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...


Shelter Afrique invests Ksh 200M in mortgage refinancing firm  Kenya Broadcasting Corporation

Pan African housing development financier, Shelter Afrique has invested Ksh. 200M in the Kenya Mortgage Refinance Company.


Refinance mortgage rates mixed for Thursday  Bankrate.com

Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.


Homeowners are rushing to refi mortgages as rates drop  The Real Deal

Homeowners throughout the country are looking to refinance their mortgages thanks to lower borrowing costs, contributing to a sharp government bond rally.


Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


What You Should Know About Mortgage Programs for Teachers  U.S News & World Report Money

A number of local, state and federal programs offer eligible teachers steep discounts on homes and attractive mortgage terms.


Mortgage rates decline for Wednesday  Bankrate.com

Multiple key mortgage rates were down today. The average rates on 30-year fixed and 15-year fixed mortgages both ticked downwards. On the ...


5 million homeowners suddenly "in the money" to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Millions of homeowners could now save each month on their mortgage payments, according to a new report. That's because they're suddenly “in the money” to ...


Refinance rates rise for Friday  Bankrate.com

Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


Mortgage rates drop below 4.5%. Homeowners scramble to refinance | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

There is a quiet refinance boom brewing, as mortgage rates sink to 9-month lows. Not since April 2018 have rates been this low. Freddie Mac, in its weekly ...


Refinance mortgage rate eases for Monday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.


How should I apply for a mortgage refinance: in person, by phone or online? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You can apply for a mortgage refinance in person, over the phone or online. Just make sure that the company is legitimate before providing personal information ...


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


Refinance rates trend higher for Monday  Bankrate.com

Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate dips for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.


Should You Refinance Your Mortgage?  Forbes

Evidently many mortgage borrowers fail to understand that mortgage refinances have a variety of possible purposes, and their success depends on a variety of ...


How to refinance to pay off a mortgage faster | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

You probably have a number of ways to pay off a mortgage faster. You can refinance to a shorter term, pay more on your existing mortgage or free up your ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Refinance rates decline for Thursday  Bankrate.com

Several benchmark refinance rates decreased today. See what that means for your refinance.


Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


Refinance rates trend higher for Wednesday  Bankrate.com

Several closely watched refinance rates notched higher today. If you're in the market for a home loan, see what that means for you.


Refinance rates retreat for Wednesday  Bankrate.com

Multiple benchmark refinance rates sunk lower today. If you're in the market for a mortgage, see what that means for you.


Couldn't qualify to refinance last year? Lenders more likely to say yes in 2019 | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

If you have been wanting to refinance but had a hard time getting approved, 2019 might be your year. Lenders are allowing higher debt-to-income ratios, ...


As mortgage rates drop, originations in refi territory could double  National Mortgage News

If mortgage rates fall below 4%, it could more than double the dollar volume of agency mortgages exposed to refinancing incentive, analysts at Keefe, Bruyette ...


Westpac Singapore's Mortgage Exit Leaves Borrowers Hanging  finews.asia

Westpac Singapore's decision to exit from the mortgage business is leaving borrowers in the lurch.


Factors to weigh when considering whether to refinance your home  Washington Post

Q: I was offered a mortgage “recast” and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been ...


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