Great video!! Some of these fees can seem overwhelming, but they're super easy to get as one big quote from your mortgage advisor. Talk to a mortgage advisor and clue them in on your goals and they can prepare an estimate with everything in the video :) Also, ALL lenders are required to show you this info at least 3 days after you have a contract on a house. Lenders are legally required to send you a Loan Estimate that details ALL costs and fees required on your closing.
Top “hidden” costs I have seen so far in my first home purchase is the inspection, appraisal, Ernest money, radon mitigation, buying points, and for me a lack of understanding closing costs. All the “hidden” fees are work it, and if you can’t afford them you should rethink if you are really prepared to buy. These costs are all money well spent to protect yourself. Have a good agent and a reputable lender and you’ll be in good shape.
Earnest money isn’t extra cost unless you violate the contract that you agreed to though. It’s literally taken off your down payment when you’re closing.
HOA- “You’re not going to like the value you get back from it....... because there is none.” I actually laugh-snorted on that. You’re too right. Thanks for the content!
osmel perera Entry point for a non fixer up home in the Bay Area is $600,000. That’s not a nice place. You can get a decent condo or nice mobile home for half that. If you cannot afford the $4000/month mortgage on the stick built house, your options are to rent or pay HOA/space rental. Which of those 2 would you prefer?
@osmel perera - why? A well run HOA is instrumental in protecting property values. Yeah, some of the rules and regulations can be a little bit of a nuisance, but they are designed to keep your neighbor from painting his house pink, and/ or keeping his 1979 POS Chevy Impala parked in the front lawn. There was a time when people took actual pride in their properties and kept them in good repair. Those times are long gone. Go into a neighborhood without an HOA and see how slummy they look. You as an homeowner have very little recourse if your neighbor decides to let their property go to complete crap. They care less how it impacts your resale value. Most of the “anti-HOA” people I come across are either just ignorant of the HOA by-laws or just don’t get involved. They want an HOA to protect their interests without them having to abide by the rules and regulations of the HOA. I know this from the experience of having sat on an HOA board. The people who bitched the most at our quarterly meetings were those who were always behind on their dues or just didn’t want to follow ANY rules.
Hi Clint can i ask how much you had to paid just for those extras fees? Like $5k or more? I dont know how much extra we need to save for those hidden fees on top of the down payment.
@Eminy Are you sure you want to buy a home if you don’t have enough money saved up? Watch Dave Ramsey even if you don’t agree with everything he says, but I think most of his advice will serve you well.
Star of The Highest Powers Thank you i will check him out. We have enough for the down payment and maybe closing cost but then we wont have anything left like now that things economically are not that great. My husband was two months without a job and i don’t work. But luckily with the saving we manage to be ok. So i guess we will wait for a house. However i will still watch the videos you mention and inform myself. Thanks again.
Damn, you know, the more I research about the house-buying process, the more I feel enlightened, also, disappointed that schools or the general public don't understand this. It then becomes our due diligence to research a lot about these things and to be educated. It may be complicated or hard to understand at first, but well worth it so you can see when you are ready to buy and if it is for you. But I guess lots of good things in life don't come as easy, and you will be rewarded if you put the work into it. Thanks for an informative video!
This video was awesome by the way.....some people who watched it may have been overwhelmed but I was over here creating a much needed check list with the name of the fee, approximate amount, why I'm paying for it and when I'd need to pay it (upfront or at closing)! Thanks for taking the time to put this together! Be well!
First thing to look at when buying a new house, if it has a HOA or not and if it does keep looking! I'm sure some HOA's are good but a lot of them are horrible. You practically don't even own your own house if you live in one that has a HOA
Had HOA people measuring our grass with a ruler every other week. Also we couldn't mow our own lawn, we had to contract that out with a professional lawn service.
Matt: excellent presentation. No legalese, just pure simple English. Buying a home is indeed an investment. Why is an investment, because you're putting your money to work, where you want your money to work. You made a great on your face fact " The Price" the beauty when it comes to negotiating is that you already know the number they told you about. I believe is worth mentioning to the People here on this channel to include all these hidden fees in the price. As you know Everyone is out there to make a profit. One is out there to make money and the other is to save money. So how do you negotiate? Stick to your budget. Simple as that. Negotiate from your budget not from theirs. Negotiations is a mind game. Be strong and hold your ground. Also, buying a home takes time AND is exhausting!!!! You need to remember that when you buy any house, you need to consider whether you're going to be able to sell it again in the future.
I enjoyed the videos and opened my eyes to a lot of issues. This is our fourth house to buy and a bunch of your comments I used when choosing a realtor and also a down payment. Really enjoyed the tutorial.
Everyone discusses the down payment but you rarely hear about the closing expenses, home inspection, appraisal that add up to be more than the actual down payment. Budgeting for these items is so important
Do not be freaked out by all these fees since these HIGHLY HIGHLY HIGHLY vary by state and type of property, in amount and applicability. Go to your lender and get a loan estimate--it is FREE.
Raul Zaragoza Agreed! A good agent can refer a local lender that will give them a free estimate of their fees. As agents, the money portion is the lender’s expertise. I value my lender relationships because they don’t steer my clients wrong.
Wow, this turns me off from EVER buying. I'd be looking to have the seller eat most of these fees except for all the tax related ones obviously. Inspection and appraisal? Logic would tell you that the person selling you the house should have to prove what if anything is wrong with the house, and whether the house is worth what they are asking. As far as earnest money goes I am either not going to pay any or will expect it back if the deal falls though. Like I've said before I need to wait until it goes back to being a buyer's market because sellers will be more willing to eat a lot of these fees.
You don't want the seller to pay for your inspection. You want to choose your own inspector and have him working for you, not the other way around. Would you really fully trust the inspector and appraiser if they said everything was fine or under valued your home? When your inspector finds issues, the home owner will pay to get everything fixed and have documentation to prove the work was done. Anyway, best of luck waiting for the perfect time to buy!
Great video!! I'm just starting my research into buying a home or condo. I'm also seeing mello roos and land lease fees for some places in my area... For what some of the land lease/HOA are charging ridiculously high for ($500+), I don't get why some condos are looking really bad and crumbling...yuck! I appreciate the straightforward and honest info in your videos... I have a lot of catching up to do! :)
Im a realtor in Texas and neither the inspection nor appraisal are due upfront. Inspections usually $300-350 dollars. Not everything he is saying will apply everywhere in the US. Earnest money usually $500-1000 bucks, so chill out on that too. I also tell them about all these fees before hand, soooo not really hidden but ok. Good for those that didn’t know any of this though 👍🏼
I'm in Austin, TX and our earnest deposit for a 485K home is 1%, which is $4850.00. In this city, at least, that's customary. In other cities it's as high as 3%.
👏 wow, thanks! I've been wondering wth was all those little "fees" that were adding up & costing so much money in the mounds of paperwork! I mean, obviously I knew most of them, but u just answered the questions I was still thinking about! So, again,, thanks!
I live in a state of Texas and am a veteran. Which fees that u mentioned I could be waived?. Thank you! All Your videos have helped me assimilate the process of buying house
How many of those hidden fees are outside of closing cost? I was told closing cost in Texas is $3000 plus 1%of the cost of the home and most of those fees are included or optional. Which fees are required that aren't a part of closing costs?
Thanks for this video. I have been interested in buying a multi-family home and I knew there were a bunch of costs that ppl weren't talking about. Thanks for this video
The financing company we talked to said the home inspection cost was built into the loan and they have a particular company that they use, which is required if we got a loan from them.
Yeah, I can't imagine why anyone would buy a house with an HOA. A condo I understand, they're cheaper to buy and since things like the yard and the roof belong to everyone equally, you're putting that money in to make sure someone will be hired to maintain the lawn/roof/outdoor amenities, and sometimes condos have a gym and pool area you're paying for. In a house with an HOA, you're paying...to have someone give you a bunch of extra rules and restrictions on what you can do with your own property.
All the fees mentioned/titled as follows: 1. Home Inspection $500 2. Appraisal $450 3. Earnest Money Deposit 1.5-3% of Purchase Price 4. Title Insurance (boring) $2,000 5. County Transfer Tax $350 6. State Transfer Tax .0025 7. State Mortgage Tax .0025 8. Property Tax (locally mandated) 9. Homeowner's Insurance Premium: $1,000 10. HOA Transfer fee $800 11. Title Services $550 12. Condo Move in Fee $100-300
Great video Matt! As a Canadian real estate agent it is very interesting looking at the differences between what happens in the USA vs back home in Canada.
You did such an excellent job on this video. I am 22 years old. Even though I watch alot of videos I also do alot of research. You hit many things head on.. great job!🥰
I did the same mistake. Went with real state agent's friend home inspector. I didn't do any homework bought a house which needed alot of work. And I paid for my mistake dearly.
seems like your SCREAMING one min. then the volume goes down. I turn it up & UR SCREAMING AGAIN. Very informative, but hard sound check your sound. thanks
I love this video! Very helpful. When you said “ would you want your inspector to be friends with your agent?” I thought “ idk why not” I’m don’t see how the inspector could help the agen make the sale? By leaving out things that might make the buyer change their mind? Like falsifying an inspection? Scary!
I did my own home inspection, by taking photos of the furnace, window frames, roof, basement, kitchen, wiring, and pipes, and showing them to contractors. From the photos alone, the house needed $100,000 worth of work. They could tell that no improvements had been done in over 30 years. The house would've been a money pit.
What a way to scare homebuyers. Next time tell them on most home purchases you can have the home sellers pay a big percentage of your closing costs. All of them on a va loan. You only have to pay about 3% of the closing costs for a fha loan. #scaretactick
Thanks for sharing information. You are a great presenter. It would be helpful to have steady visual representation of accumulated fees. Keep up the educational work :)
Never heard if Title fee? It's your house . Another thing you will never get a title if you don't pay the house up front. I pay a morgage lender, for my mortgage and I asked for the title and was ignored
Title Insurance, especially on modern track homes in these modern times is the one ripoff (price to value wise) that I dislike the most, especially in that they have deductibles on things like mechanic's leans etc. Most of your "hidden fees" can be avoided by paying cash and/or owner financing. Sounds like we have a few less fees out west, too - and our HOA transfer fee is free where I just bought/sold. ALL of these fees PALE IN COMPARISON to the 6% Realtor/MLS fees.
So basically you want about $10,000 to $20,000 to have to buy your first home, in up-front costs. Let me ask you, what if I were to wholesale a few houses, get a couples $4-20k kick backs (San Diego, CA) and then buy pre-foreclosure or tax deliquent house... Repair/flip it myself while living in it (1st home, remember) THEN resale for a final profit 1-3 years later.
Thanks for the educational video. This is overwhelming and very discouraging. Everyone has their hand in the cookie jar. I am in the process of purchasing a dwelling, I'm concerned whether can afford it now.
And the grand total = you are broke. Basically you pay all this money to so call own the property. But if you can't keep up with your mortgage for some reason or keep up the property according to what is required by the town you live in the home can still be taken away. In rental it is called eviction but in house buying it is called foreclosure. Do you really out right own anything?
had to laugh about those hidden fees... Deed transfer tax here in Atlantic Canada 1.5% of the purchase price, so thousands of dollars, depending on the purchase price of course.
Actually there was a typo mistake when they wrote the sentence, it was supposed to be "The Land Of The Fee" if you can check that in your keyboard sure it was a typo.
"Hidden fees"? Not really...these have to be disclosed - they are in the legally required CD 3 days before closing. The majority of these costs can be rolled into the sales price and paid from the loan amount. But each state does vary.
Yeah I think what happens is a lot of people buy homes without researching and they get surprised when they find out they have closing costs. A lot of my soldiers got duped with the 0 down VA loans thinking they didn’t have to pay anything. Only to find out there’s closing costs and a VA funding fee that’s usually about 5 grand. So people assume they’re “hidden” when in actuality they just didn’t do their research.
damn....im about to buy my first home through an FHA 30 year fixed rate (that i plan to pay off in 8-10 years) and I only have about 13,000. I didnt add up all these fees (and dont know which apply or dont apply in Indiana) but i'm starting to doubt that I'll have much left for my down payment. Might have to keep renting for another year.....
People, don't let this discourage you. If you're goal is to buy a home then do it. Now you have an idea how much you need while you look and save. He should have titled this "Fees to expect when buying a home."
Holy shit! I came here to learn something about buying my first home. After this video, fuck that!! I am doing just fine financially renting my apartment.
Hi Matt. I'm in your area (NoVa) and will be a first-time buyer sometime in the next 12+ months. I want to get educated and be as prepared as possible. Is there a good resource or 'coach' you recommend to get educated, create goals/milestones to be as prepared as possible for when it's time to buy etc? Happy to pay for such a service/counseling but most of what I've been able to find seems a little too bait-and-switch or generic. Thanks!
Just seen this video, however, this info still apply nowadays. My question is, what do you think, or what do you suggest to reduce these fees? Thank you.
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Matt leighton when purchasing a house the buyer should pay miscellaneous fee or that fee is for the seller
It depends on the fee
Nice Video. I think a lot of people’s comments are immature, this guy took time out of his day to inform us and yet people are still immature.
But he didn't take the time to button his shirt!
ur mom is immature
@Vyse500 Lol, look at the above two comments from mines
Great video!! Some of these fees can seem overwhelming, but they're super easy to get as one big quote from your mortgage advisor. Talk to a mortgage advisor and clue them in on your goals and they can prepare an estimate with everything in the video :) Also, ALL lenders are required to show you this info at least 3 days after you have a contract on a house. Lenders are legally required to send you a Loan Estimate that details ALL costs and fees required on your closing.
Thanks for watching!
If paying for the house cash no mortgage will it have less fees?
Top “hidden” costs I have seen so far in my first home purchase is the inspection, appraisal, Ernest money, radon mitigation, buying points, and for me a lack of understanding closing costs.
All the “hidden” fees are work it, and if you can’t afford them you should rethink if you are really prepared to buy.
These costs are all money well spent to protect yourself. Have a good agent and a reputable lender and you’ll be in good shape.
Very well said!
Mr. Slow real talk smh. I'm in the process and I'm like wtf🤦🏽♀️
Earnest money isn’t extra cost unless you violate the contract that you agreed to though. It’s literally taken off your down payment when you’re closing.
😳😳😳🧐🧐🧐
@@Sammich88 totally true, but if it’s your first time and you aren’t expecting it, Ernest money can be a surprise.
I'm getting overwhelmed a bit
i love how crystal clear this guy is.
HOA- “You’re not going to like the value you get back from it....... because there is none.” I actually laugh-snorted on that. You’re too right. Thanks for the content!
Haha thanks Kayla!
Lol unless it includes a pool or gym and landscaping lol
Worse thing you can do is buy a property with HOA..
osmel perera
Entry point for a non fixer up home in the Bay Area is $600,000. That’s not a nice place. You can get a decent condo or nice mobile home for half that. If you cannot afford the $4000/month mortgage on the stick built house, your options are to rent or pay HOA/space rental. Which of those 2 would you prefer?
@osmel perera - why? A well run HOA is instrumental in protecting property values. Yeah, some of the rules and regulations can be a little bit of a nuisance, but they are designed to keep your neighbor from painting his house pink, and/ or keeping his 1979 POS Chevy Impala parked in the front lawn.
There was a time when people took actual pride in their properties and kept them in good repair. Those times are long gone. Go into a neighborhood without an HOA and see how slummy they look. You as an homeowner have very little recourse if your neighbor decides to let their property go to complete crap. They care less how it impacts your resale value.
Most of the “anti-HOA” people I come across are either just ignorant of the HOA by-laws or just don’t get involved. They want an HOA to protect their interests without them having to abide by the rules and regulations of the HOA. I know this from the experience of having sat on an HOA board. The people who bitched the most at our quarterly meetings were those who were always behind on their dues or just didn’t want to follow ANY rules.
osmel perera I agree with you, HOA is another bill added to the mortgage
lol....Mello-Roos: "Hold my beer"
Those are usually in the hood 🤣
yikes... dude, I just got discourage to buy my first home.... Great Video though... Thanks for this important info..
+Frank Mayes thanks for watching! Better to know all the fees now, than later.
yea man, I feel the exact same way, but now we just have to be prepared to deal with them as iopposed to not getting the house all together
Frank Mayes
I know right?
Frank Mayes
Im going to try and save up a couple thousand more just incase.
+Ideals Spirit smart
i just bought a house and everything you said is right..
Hi Clint can i ask how much you had to paid just for those extras fees? Like $5k or more? I dont know how much extra we need to save for those hidden fees on top of the down payment.
@Eminy Are you sure you want to buy a home if you don’t have enough money saved up? Watch Dave Ramsey even if you don’t agree with everything he says, but I think most of his advice will serve you well.
Star of The Highest Powers Thank you i will check him out. We have enough for the down payment and maybe closing cost but then we wont have anything left like now that things economically are not that great. My husband was two months without a job and i don’t work. But luckily with the saving we manage to be ok. So i guess we will wait for a house. However i will still watch the videos you mention and inform myself. Thanks again.
Jesse Pinkman finally got his life together and started selling Real Estate.
Lol
Richard Ojeda I want to know the truth behind this joke.....?
Richard Ojeda just got it.ha
This is my private domicile and I will not be harrassed!
Beeettcch!!
To make this a bit simpler, expect to pay an extra 3-5% of the purchase price in closing costs.
Damn, you know, the more I research about the house-buying process, the more I feel enlightened, also, disappointed that schools or the general public don't understand this. It then becomes our due diligence to research a lot about these things and to be educated.
It may be complicated or hard to understand at first, but well worth it so you can see when you are ready to buy and if it is for you. But I guess lots of good things in life don't come as easy, and you will be rewarded if you put the work into it.
Thanks for an informative video!
This video was awesome by the way.....some people who watched it may have been overwhelmed but I was over here creating a much needed check list with the name of the fee, approximate amount, why I'm paying for it and when I'd need to pay it (upfront or at closing)! Thanks for taking the time to put this together! Be well!
Thank you!
Damn, this country don tax me to grave
cool info just wish you would have have done a range total at the end
Thanks for the feedback! Appreciate it
All I had to pay out of pocket was earnest money and inspector with USDA loan
First thing to look at when buying a new house, if it has a HOA or not and if it does keep looking! I'm sure some HOA's are good but a lot of them are horrible. You practically don't even own your own house if you live in one that has a HOA
Had HOA people measuring our grass with a ruler every other week. Also we couldn't mow our own lawn, we had to contract that out with a professional lawn service.
We moved as soon as we could.
Matt: excellent presentation. No legalese, just pure simple English. Buying a home is indeed an investment. Why is an investment, because you're putting your money to work, where you want your money to work. You made a great on your face fact " The Price" the beauty when it comes to negotiating is that you already know the number they told you about. I believe is worth mentioning to the People here on this channel to include all these hidden fees in the price. As you know Everyone is out there to make a profit. One is out there to make money and the other is to save money. So how do you negotiate? Stick to your budget. Simple as that. Negotiate from your budget not from theirs. Negotiations is a mind game. Be strong and hold your ground. Also, buying a home takes time AND is exhausting!!!! You need to remember that when you buy any house, you need to consider whether you're going to be able to sell it again in the future.
+jurist law agree with everything you said above. Thanks for watching!
I enjoyed the videos and opened my eyes to a lot of issues. This is our fourth house to buy and a bunch of your comments I used when choosing a realtor and also a down payment. Really enjoyed the tutorial.
Thanks Michael! Appreciate you watching 🙏
350 thousa-
Me: :😨😨😨... few seconds later sighs in relief
My home inspection was $1013, but I chose a few add ons for peace of mind (radon testing, sewer scope, and termite inspection).
Everyone discusses the down payment but you rarely hear about the closing expenses, home inspection, appraisal that add up to be more than the actual down payment. Budgeting for these items is so important
Do not be freaked out by all these fees since these HIGHLY HIGHLY HIGHLY vary by state and type of property, in amount and applicability. Go to your lender and get a loan estimate--it is FREE.
Raul Zaragoza Agreed! A good agent can refer a local lender that will give them a free estimate of their fees. As agents, the money portion is the lender’s expertise. I value my lender relationships because they don’t steer my clients wrong.
Thank you for posting this video. It really helps 🖒
Wow, this turns me off from EVER buying. I'd be looking to have the seller eat most of these fees except for all the tax related ones obviously. Inspection and appraisal? Logic would tell you that the person selling you the house should have to prove what if anything is wrong with the house, and whether the house is worth what they are asking. As far as earnest money goes I am either not going to pay any or will expect it back if the deal falls though. Like I've said before I need to wait until it goes back to being a buyer's market because sellers will be more willing to eat a lot of these fees.
You don't want the seller to pay for your inspection. You want to choose your own inspector and have him working for you, not the other way around. Would you really fully trust the inspector and appraiser if they said everything was fine or under valued your home? When your inspector finds issues, the home owner will pay to get everything fixed and have documentation to prove the work was done. Anyway, best of luck waiting for the perfect time to buy!
Great video!! I'm just starting my research into buying a home or condo. I'm also seeing mello roos and land lease fees for some places in my area... For what some of the land lease/HOA are charging ridiculously high for ($500+), I don't get why some condos are looking really bad and crumbling...yuck!
I appreciate the straightforward and honest info in your videos... I have a lot of catching up to do! :)
They should just include it with the price of the house....that way u know the total you are going to pay.
Kvm Kvm the fees vary, the price of the house is indeed just the price of the house. You could never calculate what those will be for every person.
Tim Pettigrew they can actually, and they do lmao, they just keep the numbers separate
Exactly !!!!
Im a realtor in Texas and neither the inspection nor appraisal are due upfront. Inspections usually $300-350 dollars. Not everything he is saying will apply everywhere in the US. Earnest money usually $500-1000 bucks, so chill out on that too. I also tell them about all these fees before hand, soooo not really hidden but ok. Good for those that didn’t know any of this though 👍🏼
Jose Soto I just bought a house in De. Apraisal and inspection is due up front here and it was 20 yrs ago when I bought my 1st home
Inspection do upfront in Indiana and Illinois. Paid appraisal at closing. Didnt know what that was until he called me.
I'm in Austin, TX and our earnest deposit for a 485K home is 1%, which is $4850.00. In this city, at least, that's customary. In other cities it's as high as 3%.
Hm I’m from Texas and I paid inspection & appraisal upfront.
Earnest deposit was 2,000
SUBSCRIBED! Thank you for your videos. Very informative.
Thank you for this video! This is really reassuring to know when buying a house... I appreciate it!
You're welcome! Thanks for watching!
👏 wow, thanks! I've been wondering wth was all those little "fees" that were adding up & costing so much money in the mounds of paperwork! I mean, obviously I knew most of them, but u just answered the questions I was still thinking about! So, again,, thanks!
Closing Costs: 2% to 5% of the home’s purchase price
1. Home Related:
1. Appraisal Fee:
2. Home Inspection
2. Mortgage Insurance Fees: for
I live in a state of Texas and am a veteran. Which fees that u mentioned I could be waived?. Thank you! All Your videos have helped me assimilate the process of buying house
On a VA lone it is a little different but all the fees that were explained apply
How many of those hidden fees are outside of closing cost? I was told closing cost in Texas is $3000 plus 1%of the cost of the home and most of those fees are included or optional. Which fees are required that aren't a part of closing costs?
Thanks for the bluntness! Hubby and I are looking forward to our home together.
+Lady Bulba thanks for watching! Good luck in your search
Did you buy one yet?
@@dianavarela5227 yes!
Thanks for this video. I have been interested in buying a multi-family home and I knew there were a bunch of costs that ppl weren't talking about. Thanks for this video
+Ryan Ellis thanks for watching!
Thanks for your wealth of advice. Good stuff!
So informative and funny. Great job! So many hidden fees. 🤦♀️ Why does it have to be so complicated? Can you lower your property taxes?
So interesting. Glad we found you. Also... you're fun to watch! Good job :P
Thank you for watching!
The financing company we talked to said the home inspection cost was built into the loan and they have a particular company that they use, which is required if we got a loan from them.
Your area could operate differently. I would do independent research on the suggested company as well as other home inspection companies in the area
Awesome video. I'm just gonna save up to get a little house with no hoa.
+UBCS Mercenary thanks for watching! Good luck
Yeah, I can't imagine why anyone would buy a house with an HOA. A condo I understand, they're cheaper to buy and since things like the yard and the roof belong to everyone equally, you're putting that money in to make sure someone will be hired to maintain the lawn/roof/outdoor amenities, and sometimes condos have a gym and pool area you're paying for. In a house with an HOA, you're paying...to have someone give you a bunch of extra rules and restrictions on what you can do with your own property.
Should rename this top 10 reasons not to buy a condo in Virginia!
This video is really great. You have shared great info. Thanks #mortgage
All the fees mentioned/titled as follows:
1. Home Inspection $500
2. Appraisal $450
3. Earnest Money Deposit 1.5-3% of Purchase Price
4. Title Insurance (boring) $2,000
5. County Transfer Tax $350
6. State Transfer Tax .0025
7. State Mortgage Tax .0025
8. Property Tax (locally mandated)
9. Homeowner's Insurance Premium: $1,000
10. HOA Transfer fee $800
11. Title Services $550
12. Condo Move in Fee $100-300
Great video Matt! As a Canadian real estate agent it is very interesting looking at the differences between what happens in the USA vs back home in Canada.
Thanks for watching! It's always interesting to compare markets!
You did such an excellent job on this video. I am 22 years old. Even though I watch alot of videos I also do alot of research. You hit many things head on.. great job!🥰
Thank you!
I did the same mistake. Went with real state agent's friend home inspector. I didn't do any homework bought a house which needed alot of work. And I paid for my mistake dearly.
Sorry to hear that!
So sorry to hear that. Hope all is going great for you now
Great and informative video! The only thing I wish you had expanded on a bit is what an HOA is and what homes it might apply to. Liked and Subscribed!
Thank you and thanks for the feedback!
Are all of these grouped together and called "closing costs" for which you can ask for a credit from the seller to help cover?
seems like your SCREAMING one min. then the volume goes down. I turn it up & UR SCREAMING AGAIN. Very informative, but hard sound check your sound. thanks
+Comedian MsAnita sorry about that! I was having issues with my audio in a few few videos. Thanks for letting me know. I'm working on fixing it
By the way I was born in Richmond Virginia. nothing to do there lol
+Comedian MsAnita I love Richmond! It's starting to get better!
I love this video! Very helpful.
When you said “ would you want your inspector to be friends with your agent?” I thought “ idk why not” I’m don’t see how the inspector could help the agen make the sale? By leaving out things that might make the buyer change their mind? Like falsifying an inspection? Scary!
If you have a good lender they will always ask what money are you putting down cash to close to cover closing costs and your down payment.
NEVER EVER BUY A HOUSE with HOA. (Homeowners Association) You're Welcome.
Thanks for watching Jigsaw!
Why?
Very informative video for first time buyers. Everything you talked about I expected.
intro is super abrupt and loud. great info (seriously helping me out as a potential buyer) but dang ya scared the bujesus out of me.
Ha!
for real tho, thanks dude. this channel is really helpful. been tellin friends.
Excellent information. In the process of purchasing a home. I wish I would have seen this video prior... All fees are factual!
Thank you!
I did my own home inspection, by taking photos of the furnace, window frames, roof, basement, kitchen, wiring, and pipes, and showing them to contractors. From the photos alone, the house needed $100,000 worth of work. They could tell that no improvements had been done in over 30 years. The house would've been a money pit.
What a way to scare homebuyers. Next time tell them on most home purchases you can have the home sellers pay a big percentage of your closing costs. All of them on a va loan. You only have to pay about 3% of the closing costs for a fha loan. #scaretactick
I’m just going to go play in Traffic now k bye . Lol so stressful!
Haha please don't! And thank you for watching!
I just discovered closing cost today. My estimated is 8k on top of my down payment. That’s why I’m watching this and then go borrow some cash...
Thanks for sharing information. You are a great presenter.
It would be helpful to have steady visual representation of accumulated fees.
Keep up the educational work :)
Thanks for watching and I appreciate the feedback!
Never heard if Title fee? It's your house . Another thing you will never get a title if you don't pay the house up front. I pay a morgage lender, for my mortgage and I asked for the title and was ignored
Good video. Considered buying my first home and doing as much research as I can.
forget the research save as much money as you can first.
Hahaha I love this guy. Straight to the point and keeping it real for the buyers..
Title Insurance, especially on modern track homes in these modern times is the one ripoff (price to value wise) that I dislike the most, especially in that they have deductibles on things like mechanic's leans etc. Most of your "hidden fees" can be avoided by paying cash and/or owner financing. Sounds like we have a few less fees out west, too - and our HOA transfer fee is free where I just bought/sold. ALL of these fees PALE IN COMPARISON to the 6% Realtor/MLS fees.
+Bob Frazier exactly. I agree. A lot of these fees you have to pay but you're getting nothing of value in return.
Thank you
+ibrahim aly thanks for watching
are all the fees included in the down payment or are they an addition to the down payment
Tiffany Frazier they’re in addition
So basically you want about $10,000 to $20,000 to have to buy your first home, in up-front costs. Let me ask you, what if I were to wholesale a few houses, get a couples $4-20k kick backs (San Diego, CA) and then buy pre-foreclosure or tax deliquent house... Repair/flip it myself while living in it (1st home, remember) THEN resale for a final profit 1-3 years later.
Devon Wayne how?
Thanks Matt!
Thanks for watching Dontee!
In CT, state and county transfer taxes are paid by the seller.
Great video, thanks!
Thanks for the educational video. This is overwhelming and very discouraging. Everyone has their hand in the cookie jar. I am in the process of purchasing a dwelling, I'm concerned whether can afford it now.
I'm buying my first house and he ain't lying 124,000 almost 6,000 at closing 😕
Josh Murphy is this included with your down payment
I paid 6500 and no that's not the down payment.
Are these closing costs summarized or is this list separate? Are all or some separate?
Matt new subscriber here/ really appreciate your channel and information very straight forward I’m listening to your videos as if I’m in class.🎯👊🏾
Thank you so much! I appreciate you watching 🙏🙏
Very informative for first time home buyers. Thank you!
Thank you for watching!
thanks so much for this video! It would be nice the hidden cost of owning a property!
And the grand total = you are broke. Basically you pay all this money to so call own the property. But if you can't keep up with your mortgage for some reason or keep up the property according to what is required by the town you live in the home can still be taken away. In rental it is called eviction but in house buying it is called foreclosure. Do you really out right own anything?
had to laugh about those hidden fees... Deed transfer tax here in Atlantic Canada 1.5% of the purchase price, so thousands of dollars, depending on the purchase price of course.
+Emma Kay so. many. fees.
Button your shirt homeboy
All things that a good loan officer will let you know up front
Thank you for this video I didn't know of some of these taxes I live in southwest VA and recently looking for a home
Amazing how we let the dirty state put their hands in our pockets 😤
Thank you sooooooooo... much for the information and I need it soon.👍👍👍
Actually there was a typo mistake when they wrote the sentence, it was supposed to be "The Land Of The Fee" if you can check that in your keyboard sure it was a typo.
LMBO,😂😂😂
"Hidden fees"? Not really...these have to be disclosed - they are in the legally required CD 3 days before closing. The majority of these costs can be rolled into the sales price and paid from the loan amount. But each state does vary.
Yeah I think what happens is a lot of people buy homes without researching and they get surprised when they find out they have closing costs. A lot of my soldiers got duped with the 0 down VA loans thinking they didn’t have to pay anything. Only to find out there’s closing costs and a VA funding fee that’s usually about 5 grand. So people assume they’re “hidden” when in actuality they just didn’t do their research.
So much charisma! Knowledge! Awesome!
Thank you!!
HI. Thanks for sharing.
Great information. Very informative. Understood the process a lot more. Thank You.
Thank you!
damn....im about to buy my first home through an FHA 30 year fixed rate (that i plan to pay off in 8-10 years) and I only have about 13,000. I didnt add up all these fees (and dont know which apply or dont apply in Indiana) but i'm starting to doubt that I'll have much left for my down payment. Might have to keep renting for another year.....
Time Killer lol doesn't sound like anything I want to rush to do after hearing all of this. Fuck!
Very informative video. I really enjoy them and appreciate your sharing.
Thank you so much! Appreciate you watching
Good video thanks
People, don't let this discourage you. If you're goal is to buy a home then do it. Now you have an idea how much you need while you look and save. He should have titled this "Fees to expect when buying a home."
Holy shit! I came here to learn something about buying my first home. After this video, fuck that!! I am doing just fine financially renting my apartment.
I love your style
1400 for appraisal in Northern California its crazy
Great video! Thank you! Being new to house hunting and just entering the game I appreciate. Also, total hottie :)
Very helpful video! And funny too! Thank you
Thanks for watching!
Hi Matt. I'm in your area (NoVa) and will be a first-time buyer sometime in the next 12+ months. I want to get educated and be as prepared as possible. Is there a good resource or 'coach' you recommend to get educated, create goals/milestones to be as prepared as possible for when it's time to buy etc? Happy to pay for such a service/counseling but most of what I've been able to find seems a little too bait-and-switch or generic. Thanks!
Just seen this video, however, this info still apply nowadays. My question is, what do you think, or what do you suggest to reduce these fees? Thank you.