This is a "good faith" deposit (typically 1% to 3% of the purchase price) that shows you are serious about the offer.
Beyond the Mortgage: The Hidden Costs of Buying a Home Buying a home is often the biggest financial milestone in life, but the sticker price on the listing is just the beginning of the story. While most buyers focus on their monthly mortgage payment and down payment, a host of "hidden" expenses can quickly drain your savings if you aren’t prepared. 1. Upfront Costs Before You Close The expenses start well before you get the keys. hidden costs of buying a home
Essential for uncovering structural or system issues. A standard inspection costs $300–$700 , but you may also need specialized checks for pests, mold, or radon. This is a "good faith" deposit (typically 1%