Real Estate Information Archive
Blog
Displaying blog entries 1-5 of 5
Looking To Calculate The True Cost Of Home Buying In Omaha, NE? Here Are A Few Lesser-Known Fees To Factor In
Let’s be honest - no matter how you spin it, buying a home is not cheap. And whether you are a first-time homebuyer or a seasoned professional, we are sure the previous sentence comes as no surprise to you (you may have even found yourself nodding and smirking in agreeance). But what many people tend to focus on are the larger costs that are associated with home buying, such as mortgage payments and down payment costs, and many tend to overlook the lesser fees that may arise during the buying process. But fear not, as after today’s blog post we are confident you will leave with a better, more thorough understanding of not only what these fees are, but also what they could end up costing, so you can plan accordingly.
-Application Fees: When you are applying for a loan, your lender will pull your credit report to get a better understanding of your financial health to see what you qualify for. They in turn will charge you an application fee, which is usually combined with the credit report fee. You should be sure to request a breakdown of the fees, but this can cost you $75-$300 dollars.
-Home Inspection: When it comes to home buying, planning for a home inspection is curial. Think of it as an extra layer of protection to ensure you are not purchasing a home with major hidden issues that can mean huge dollar signs down the road. During the appointment, the inspector will search for general and structural issues within the home, many times finding things not visible to the naked eye. Home inspections can cost between $300 and $500.
-Private Mortgage Insurance (PMI): If you are planning to put down less than 20% of the home’s purchase price, the lender will most likely require you to purchase private mortgage insurance. This will protect the lender in the event that you stop making payments on your loan. And while PMI rates can vary, they tend to hover around 0.3% to 1.5% of your original loan amount annually.
-Title Services: Fees such as government filing fees, title search of public records for the property, notary fees and more are covered under title services. It is crucial for you to get a line item breakdown for each cost, and you should budget around $150 to $400.
-Appraisal Fee: First, the appraisal itself can cost between $200 and $425 and take around two hours to complete. Next, the appraisal report is then sent to the lender to confirm that the property is indeed worth the amount that was agreed upon.
First Time Home Buyer In Omaha, NE? We Have Tips To Help You Navigate The Process!

First Time Home Buyers - A Quick Guide
So the time has finally come to start the search for your first home. Your mind starts racing as you begin thinking of the style you like, the finishes you want, and how you will decorate to turn the house into your very own home. What an exciting time! As you begin your search, we wanted to leave you with a few tips and tricks that we hope will prove to be helpful during a time that can seem a little overwhelming. Enjoy!
-Do your homework: It is very easy for your excitement to take over as you jump into the search for your first home. But it is very important to take the time to do your homework and see what are must haves and what you can live without. This will help you organize your thoughts and stay focused during your search.
-Start shopping: After you do your homework, you will have a better idea of exactly what you are looking for and can start looking online for house information and listings.
-Find a good agent: We can’t stress this step enough. Especially for first time home buyers, the process of buying a house can be a little stressful and overwhelming at first. You want to make sure you find an agent that not only takes the time to understand exactly what you want and is experienced, but one that is also going to be by your side and fight for your best interests during the entire process.
-Choose and lender and pick a loan: This is something you will want to also do a lot of homework on and find the right lender and mortgage that is right for you.
-Go look around: While the World Wide Web is filled with information, nothing can trump actually going to open houses, walking the properties and seeing homes in person.
-Make an offer: Once you find your dream home, you and your agent will craft an offer that works for you and spells out items such as price, contingencies and closing dates.
Pre-qualified vs. Pre-approved – what’s the difference?
As you start your home buying journey, as exciting as the process is, we understand the confusion and stress that can arise from certain situations and steps that need to be done along the way. You may have new words and phrases thrown at you that you may want to skip over and not pay too much attention to, but at the end of the day it is so important to equip yourself with all the knowledge you possibly can. Two terms you may run across on your home buying journey are pre-qualified and pre-approved. And while the two terms sound similar, there are some pretty significant differences that we believe are crucial for you to understand and for us to touch on in today’s blog post.
One of the first steps that home buyers will go through in the mortgage process is to get pre-qualified, which can typically be done over the phone or online. This step essentially is when you provide your lender with an overview of your financial picture, including things such as incomes, debts and assets. After evaluating all the information, the lender will then provide an estimate of the mortgage that you may qualify for. We want you to note that the pre-qualification process will not incorporate your credit report and is not a complete look at your ability to purchase the home you may have your eye on. It is simply a process that can give you an idea of potentially what you may be approved for.
On the other hand, the pre-approval process is a little more in depth and and can be much more of an involved process. Instead of just a financial overview as in the pre-qualification process, the pre-approval process will require the home buyer to complete an official mortgage application, as well as provide things such as bank statements and credit reports. After a thorough assessment is made, the lender will be able to give an exact mortgage amount that the buyer is approved for. It is important to note here that being pre-approved will give the seller more confidence in you as a suitable buyer because you will be able to attain financing in order to purchase the home, therefore making the buying process a little smoother – and lets face it, that is always a good thing!
Displaying blog entries 1-5 of 5
Categories
- Art Exhibits (6)
- Back to School (2)
- Community Events (164)
- Council Bluffs Apple Orchards (1)
- Downsizing (2)
- First Time Home Buyers (24)
- Flooding Resources (1)
- Fourth of July (5)
- Gardening (5)
- Halloween Safety Tips (2)
- Holiday Fun (12)
- Home Building (6)
- Home Buyers (73)
- Home Improvements (72)
- Home Organizing Tips (4)
- Home Safety (3)
- Home Safety (21)
- Home Sellers (55)
- Home Staging (17)
- Home Styling (15)
- Homeowner Tips (15)
- Labor Day (2)
- Lake Communities of Omaha (1)
- Local Eateries (3)
- Lower Home Costs (1)
- Memorial Day (3)
- Mother's Day (1)
- Moving Tips (10)
- Moving with Kids (3)
- Moving with Pets (4)
- Neighborhoods of Omaha (1)
- Omaha Golf Communities (1)
- Omaha Golf Courses (2)
- Omaha Parks (7)
- Omaha Real Estate Information (31)
- Omaha Restaurants (9)
- Omaha Thanksgiving (6)
- Real Estate Terms (4)
- Redevelopment Projects (1)
- Seasonal Home Transition (9)
- Sports (11)
- State Parks of Omaha (2)
- Things to do in Council Bluffs (2)
- Things to do in Omaha (13)
- Things to Do Omaha NE (127)
- Virtual Events Omaha, NE (25)
- Winter Tips (5)