Home Buying

Buying a Home? Factor in These Forgotten Costs

All serious home buyers should already know about closing costs, the cash needed to finalize a home purchase. Usually totaling between 2% and 5% of the purchase price, this money covers a variety of expenses, including the title, lender, and appraisal fees, that are required to sell a home. As part of your financial preparation for buying a home, you probably budgeted for these official closing costs; however, there are several additional expenditures which are commonly overlooked by otherwise well-prepared home buyers. Keep reading to learn about these forgotten costs so that they don't end up busting your budget!

Getting a Second Mortgage Quote Can Save You $1,400

Everyone loves the thrill of finding the best deal, whether it's on a pair of shoes, an appliance, or even a car! Why then do so many home buyers fail to shop around when it comes to the most expensive item of all: a mortgage? Back in April, Freddie Mac estimated how much extra money buyers are likely to pay over the course of their loan by failing to get multiple rate quotes, and the number wasn't cheap! In fact, they found that getting just one extra quote would save the average borrower over $1,400!

Here Are Some Open House Red Flags

An open house is always exciting; after all, you're taking your first look at what could be your new home! Although it can be easy to overlook small defects when the house seems to otherwise fit your needs, some issues can indicate that much larger problems are lurking. Keep reading to learn about four open house red flags and what they could be hiding.