We see it often as listing agents – Scottsdale homebuyers that go into the process absolutely clueless about the fees they’ll be required to pay at closing. In fact, most of them think the down payment is the whole ball of wax when it comes to cash outlay. Hey, we don’t blame them; it’s their lender’s fault.
Since lenders don’t seem to be doing an adequate job of counselling homebuyers about the very significant amount in fees they’ll pay at closing, we will. Well, we can’t cover all of them, but these are the biggies.
The amount you’ll pay at closing for your down payment depends on the amount and the type of your loan. Conventional loans require 20 percent of the loan amount as a down payment while the VA and the USDA require…