{"id":316600,"date":"2022-11-05T11:49:30","date_gmt":"2022-11-05T18:49:30","guid":{"rendered":"https:\/\/sdnews.com\/?p=316600"},"modified":"2022-11-04T11:51:55","modified_gmt":"2022-11-04T18:51:55","slug":"ask-a-realtor-how-to-budget-for-a-house","status":"publish","type":"post","link":"https:\/\/test.sdnews.com\/es\/ask-a-realtor-how-to-budget-for-a-house\/","title":{"rendered":"Ask a realtor: How to budget for a house"},"content":{"rendered":"
\n

Hello Maureen and Antoinette,<\/p>\n

It appears that the real estate market is more balanced than it has been in years and I\u2019m wanting to buy a home now that there seem to be fewer multiple offer situations to compete with. How much money should I budget for my purchase?<\/p>\n

Eric<\/p>\n<\/blockquote>\n

Hi Eric,<\/p>\n

Thanks for the excellent question. When it comes to buying a home, your realtor and your loan advisor can help you understand your finances and what you\u2019ll need to budget for in the home buying process. To get you started, here are a few things experts say you should plan for along the way.<\/p>\n

1. Down Payment. The higher your down payment on a property, the lower your monthly mortgage payment will be. Some loan providers offer a lower interest rate if a buyer\u2019s down payment is 20% or more of the purchase price. The good news is, you may be able to put as little as 3.5% (or even 0%) down in some situations. To understand your options, partner with a trusted mortgage professional who can go over the various loan types, down payment assistance programs, and what each loan program requires.<\/p>\n

2. Earnest Money Deposit. An earnest money deposit\u2014also called a good faith deposit\u2014is made by a buyer when submitting an offer on a property. The amount varies but is traditionally between 1%-3% of a buyer\u2019s offer price. This deposit is typically held in trust by the escrow company and is intended to show the seller you are serious about purchasing their home. Upon closing, the money will generally be applied to your down payment or closing costs. Work with an experienced real estate advisor to learn what is customary in your area and today\u2019s market.<\/p>\n

3. Closing Costs. Closing costs are upfront fees paid by a buyer in connection with a mortgage loan. These costs generally include a loan origination fee, title insurance, and prepaid items such as escrow deposits for taxes and insurance. A buyer\u2019s closing costs on average are approximately 2%-5% of the home\u2019s purchase price. The lender you work with will provide you with an estimate of these costs when you write an offer, and then you will receive and approve a formal Closing Disclosure at least three business days prior to closing on a mortgage.<\/p>\n

The key takeaway is that savvy buyers plan ahead for these expenses so they can come into the process prepared. If you\u2019re in the market to buy a home, your down payment is probably top of mind. And rightly so \u2013 it\u2019s likely the biggest cost of homebuying. However, it is not the only cost, and it\u2019s critical you understand all your expenses before diving in. The more prepared you are, the smoother your home buying journey will be. To make sure you understand these and any other expenses that may come up, partner with local, experienced Real Estate advisors who can guide you through the process.<\/p>\n

And you are correct\u2014there are many excellent opportunities for buyers in today\u2019s market!<\/p>\n

Contact Maureen Tess-Fieberg and Antoinette Embry at <\/em>MakeSanDiegoHome@gmail.com<\/i><\/a><\/u><\/span><\/span>.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Hello Maureen and Antoinette, It appears that the real estate market is more balanced than it has been in years and I\u2019m wanting to buy a home now that there seem to be fewer multiple offer situations to compete with. How much money should I budget for my purchase? Eric Hi Eric, Thanks for the […]<\/p>","protected":false},"author":1495,"featured_media":313357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"11552","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"3","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[11552],"tags":[],"class_list":["post-316600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opinion"],"_links":{"self":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/316600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/users\/1495"}],"replies":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/comments?post=316600"}],"version-history":[{"count":0,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/posts\/316600\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/media\/313357"}],"wp:attachment":[{"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/media?parent=316600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/categories?post=316600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/test.sdnews.com\/es\/wp-json\/wp\/v2\/tags?post=316600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}