Savings vs Closing Costs When Buying a House

Part of the Video Series Income, Credit & Home Loans: Buying a House

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Compare cash savings to closing costs to determine how much house you can afford in this video on buying a home.

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Savings vs Closing Costs When Buying a House
Hello! My name is Brett Staggs and on behalf of Expert Village, I am going to be telling you how much you can afford for a first time home buyer. When attempting to purchase your first home and you are trying to figure out, hey, what kind of house am I actually looking for. You are looking around and you find a home and you even get to the point of a contract on that house, a very important thing to look at is closing cost. Closing cost are essentially all the fees involved with that home loan and it is obviously very dependent on the purchase price of that home as well as what the house appraises for. You want to look at what is the ball park figure of how much I am going to pay in closing costs. Then you want to look at that again. How much money do you actually have. So if your closing cost trumps how much money in your bank account, you might have a problem. A very good thing to look at once you are targeting on, make sure hey, do I even have the money to close on.

About the Expert

Expert: Brett Staggs has worked in the mortgage industry for 6 years, with a title company, a credit reporting company, & two banks, where he was a loan processor, taking loans from application to closing. Read More