You will need to provide a check for your earnest money deposit when writing your offer. This deposit shows the sellers you are “earnestly” intending to purchase the property and is usually between $500—$2,000. These funds are applied to your closing costs on closing day.
Most mortgage lenders require a down payment of at least 3%. FHA loans (mortgages insured by the Federal Housing Administration) require a down payment of at least 3.5%. Depending on your credit history, the type of dwelling and your reason for buying, the minimum down payment could be 5%, 10%, 20% or more.
Generally you will have to pay for your building inspection ($400 average, depending on your purchase price), termite inspection ($65-$95) and any other inspections you chose to have performed up-front. Occasionally there are inspectors that will allow you to pay for the inspection at closing.
Closing costs are due at the time you close on a home and are approximately 3% of the total sales price. There may be times when, as part of your offer, you request the seller to pay all or a portion of your closing costs.
Don’t forget to consider moving expenses which may include packing materials, a moving truck, and travel expenses if your move is a long distance move.
If your move takes longer than expected because a house closing is delayed, for example, you might have to put some of your belongings in storage.
Some utility companies insist on deposits or connection fees.
It may sound insignificant, but keep in mind the cost of replacing all of the items you threw away when you moved, like cooking spices and cleaning supplies.