When looking into Chicago real estate, there’s a few costs you should become familiar with before the property becomes yours to own. Thankfully, here’s a list of five home buying costs you should know about before unpacking in a new residence.
Earnest Money Deposit – An earnest money deposit is basically where you put your money where your mouth is. It’s usually expected that a potential homeowner pay at least one to two percent of the total property cost as a deposit.
Escrow Account – Mortgage companies set up escrow accounts to make sure a potential homeowner has the reliable funds to pay for a home. Whether covering taxes and the mortgage insurance, this amount depends on the type of loan, location, and business dealt with the lender.
Inspection – An inspection confirms that the home not only looks great, but makes sure there’s no cracks, leaks, or possibility of pests living inside the home.
Appraisal – An appraisal is information needed by the loan company, so lenders have an idea of the fair value of the property being purchased.
Credit Check – A credit check is mandatory. Although may are free, a loan company will check all three. This is relatively inexpensive compared to buying a home.
Now these are just a handful of issues you’ll encounter when buying a new place, but contact a Chicago realtor for a Chicago condo for more information.
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