Written by Action Team Staff Wednesday, 16 February 2011 21:51
Buying a home in Colorado Springs is a great investment, especially with the recent vote of confidence that came from CNN Money’s “Best Recovery Bets” feature. According to the article, Colorado Springs ranked 8th in the nation as an area where home prices will rise. As a result, Colorado Springs realtors are gearing up for an early spring.
With all the excitement surrounding Colorado Springs and the spring selling season approaching, it makes sense to work with a professional buyer’s agent who can help you determine how much buying power you really have. While interest rates are still very low, lenders are a lot more stringent about mortgage approvals and an agent can help you understand the additional costs you should expect when buying a home in Colorado Springs.
In addition to your mortgage, here is a summary of the associated costs with buying a home in Colorado Springs:
- Earnest Money: this is normally a lump sum payment equaling about 1 percent of the purchase price, is paid to the seller in order to put the house under contract and take it off the market.
- Closing Costs and Mortgage Fees: As you will soon find out, getting a new mortgage can be costly. The loan origination fee will usually cost you 1 percent of the purchase price, and must be paid at settlement.
- Home Inspection: Typically, a home inspector will charge you about $350 but it could be more for a larger property. This must be paid at the time of inspection.
- Appraisal Fees: The lender will require an appraisal on the home to ensure that it is worth at least as much as the purchase price. This will cost between $300 and $400.
Add this page to your favorite Social Bookmarking websites
| < Prev | Next > |
|---|
Want to Search the
Colorado Springs MLS?
Push the button.
