Costs To Think About In Getting A Kentucky Mortgage Loan

Mortgage Costs for A Kentucky Mortgage Loan

Payments & fees you can expect for a Kentucky Mortgage Loan Approval Here's a breakdown of the expenses you can expect: Down Payment and Earnest Money Before you even buy the home, you'll need cash for your earnest money and down payment. You may have heard the myth that you need a 20% down payment to buy a home, but there are actually loan programs available that require as little as 3.5% — or even 0% down for those who qualify. Contact me to learn more. The Mortgage Payment Your monthly mortgage payment consists of: Principal: The actual amount you are borrowing. Interest: What it costs to borrow the money for your home. Escrow: A third party account used to pay for taxes and insurance on your behalf. Learn more about escrow. Closing Costs You'll also have to pay closing costs when ownership of the home is transferred to you. Closing costs are a one-time payment due when you close your loan. Everyone's closing costs vary slightly, but below are a few examples of what might be included: You can negotiate with the seller to pay some or all of your closing costs. If the seller won't pay and you can't afford these costs, talk to me about rolling them into your loan. Learn more about closing costs. Other Expenses to Save For Don't forget: Your home will need regular maintenance and upkeep. You'll also have bills for electricity, water, internet, and other utilities to pay. And don't forget your moving costs! Whether it's hiring professionals or handing out pizza and sodas to your buddies, you still need to save some cash! If you have further questions about the costs that come with buying a home, I'm here to help. Contact me anytime. Joel Lobb (NMLS#57916) Senior  Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Suite 3 Louisville, KY 40223 Company ID #1364 | MB73346 Text/call 502-905-3708  kentuckyloan@gmail.com The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of  my employer. Not all products or services mentioned on this site may fit all people. , NMLS ID# 57916, (www.nmlsconsumeraccess.org). I lend in the following states: Kentucky