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GetSmart.com Details the Seven Most Common Costs of Home Buying

Charlotte, N.C. (PRWEB) July 4, 2007 -- When first-time homeowners prepare to buy their dream home, they always think about their mortgage. But a mortgage isn't the only cost associated with buying a home. There are other fees that most consumers aren't familiar with until they're in the thick of making a deal, which is exactly when the deal may begin to bust your budget.

GetSmart.com details the seven most common costs of home buying.

1. Legal fees. Most states require that an attorney participate in a home buying transaction. These fees can begin around $250 and run upward from there.

2. Home inspection. The buyer usually covers the cost of having the home inspected since it's being done to protect the buyer's interests.

3. Appraisal. It's important to have the home appraised, as the appraisal value can have a big impact on how much a mortgage lender is willing to let you borrow.

4. Taxes. You are responsible for any prorated property taxes on the home, so be sure you know what the taxes are and when they're due. No one likes the nasty surprise of buying a home only to find that taxes on it are due the following month.

5. Private Mortgage Insurance. Lenders require that buyers who do not put at least a 20 percent down payment on a new home buy private mortgage insurance (PMI). This added cost is typically incorporated into your monthly mortgage payment.

6. Title search and title insurance. Lenders will hire a company to examine local records to determine legal ownership of the property and if there are any outstanding liens.

7. New furnishings. Most buyers are moving from a smaller home to a bigger one, so keep in mind what kind of money it will take to fill your new home with additional furnishings. This can be shockingly expensive, particularly if you're adding several rooms.

For more tips on preparing yourself financially to own a home, visit www.getsmart.com">www.getsmart.com.

About GetSmart®

GetSmart is a leading financial services marketplace that offers borrowers access to a range of home loan products such as mortgages and refinance loans, home equity loans and lines of credit from a network of more than 250 lenders. Consumers who visit the site at www.getsmart.com of call 1-800-GETSMART complete a short and simple form and will then be matched with up to five competing lenders.

GetSmart is owned by LendingTree, LLC, which is an operating company of IAC.

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