“Question. We’re starting to look for our first home. When will you actually need money from us to buy a home?”
***ANSWER:
There are four times where you need to write checks:
1. Loan Application:
Your lender may charge fees to apply or check your credit. Should be under $100
2. Offer:
You’ll need to write a deposit check for .5% to 3% of the purchase price. It will typically be cashed the next business day after acceptance
3. During escrow:
You’ll need to pay for the appraisal ($400s) and home inspection ($300s).
4. Closing:
A couple of days before closing, you’ll need to wire or bring the balance of your down payment to escrow.
