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Where Do I Start? Do I Just Need the Down Payment?

For most people, buying a house starts with one question: “What is it going to cost me?” Here’s a look at the expenses you’ll need to plan for as you save for your dream home:

  • Know your credit score Qualifying for a loan is based solely on your finances and credit history, so be sure to review your credit history free of charge at, or Next, take steps to correct any errors and raise your score as much as possible before starting the homebuying process.

  • Down payment Depending on your mortgage type, your down payment could cost anywhere from 3.5% to 20% of the home’s sales price. For example: a home with a sales price of $100,000 will cost you a down payment between $3500 and $20,000 depending on the type of mortgage you qualify for

  • Closing costs As a buyer, you can expect to pay around 4% of the sale price in closing costs, due when you sign the final paperwork. This could include such things as bank/loan related fees, attorneys fees and taxes. Based on the above example, closing costs would add an additional $4000 to your out of pocket expenses.

  • Additional Fees Don’t forget the additional fees related to inspections, appraisals, and loan paperwork processing. These may be due before or at closing.

  • Moving expenses Even a short-distance move can cost money, especially if you hire a moving company. Moving long-distance often costs thousands of dollars, so be sure to include this expense in your savings plan.

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