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How Much Money is Required to Buy a House?! Phoenix Arizona Real Estate (Median Sales Price - $225,000) How much does it cost, to buy a house?!
Find out now, EP 3 go..!! What’s Up Everyone, My name is John Ely your local Phoenix Realtor and this is Selling Phoenix, either your buying, selling, or investing we have you covered. Today we are talking about the costs associated when buying a home, ok so let’s break this down at with the median price point for August of 2017 $225,000.
When you buy a home it is broken down into two different costs down payment and your closing costs. Your down payment is based on the type of loan you get theres FHA, Conventional, VA. The most common loan at this price point is a FHA loan, so let’s use that. The minimum downpayment for an FHA loan is 3.5%. Using our median price point that gives a down payment of $7,875 which is usually paid just a few days before you move into your new home.
Your closings costs are a little more complicated and they are different for everyone. Your closing costs are comprised of your loan costs, escrow fees, homeowner’s insurance, taxes, and interest. Competitive bank fees run around $1,500, Escrow fees for handling all the paperwork, the money, and making sure that the person selling you their home actually owns it. Averages around $1,500. 1 year of your homeowner’s insurance will be required to be paid upfront which A competitive quotes can run around $800-$1,000 a year. YOU CAN SHOP FOR These Closing Costs. Property taxes are prorated based upon when you buy the your home. Your lender will also order an appraisal to ensure the house is worth the money they are lending, and FHA appraisal is around $450. Your 1st mortgage payment usually isn’t due for 45 days after you buy your home, one thing you can count on is the bank getting their money. Interest for that 45 days is included in your closing costs, averages for right now puts that around $500.
So, adding up all of your closing costs for the median home price in Phoenix your looking around $5,500. Like we talked about before this number is different for everyone but, this should give you a good ball park. After your down payment and closing costs this puts you around $13,400 to buy a home. I know this may sound over whelming $13,000 is a lot of money to come up with, however partnering with an experienced Realtor can easily cut this cost by 50%. Renter’s from my #WhyRent program have cut this cost by 75% “$3,350” and even by 90% “$1,345” with people who qualified.
Welp, that wraps up episode 3 of selling Phoenix. I hope these insights into the costs of buying a home has helped you better understand what it takes to buy a home. If you have any questions that I can help you with please send them to the email below and ill do my best to answer them. Thanks for watching and ill see you next time! I would love to sit down with YOU and your FAMILY to talk about your REAL ESTATE GOALS. Whether you're BUYING, SELLING, or INVESTING let's make a PLAN together for what's best for you and your FAMILY'S future.
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