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.
For first time home buyers, the feelings of excitement for their new abode can often be accompanied (and at times overshadowed) by feeling nervous and overwhelmed by the whole home buying process. Fear not, this is totally normal! However, with a little knowledge under your belt, the whole process can begin to feel more familiar - thus calming the nerves – and allowing you to get back to enjoying the experience. And as you may have guessed, that is exactly what we are going to be chatting about in today’s blog. Below we have listed ten tips to help first time home buyers understand and navigate the home buying process with ease. Enjoy!
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! 
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. 
