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  • …  
    • Home
    • About Prime Team 
      • Meet Our Team
      • About Katie Townsend
      • Client Testimonials
    • Buy a Home 
      • Financial Facts
      • Buyer Profile Form
    • Sell a Home 
      • Financial Facts
      • Seller Profile Form
    • Connect with Us 
      • Say Hello
      • Locations
      • Property Search
    • Home
    • About Prime Team 
      • Meet Our Team
      • About Katie Townsend
      • Client Testimonials
    • Buy a Home 
      • Financial Facts
      • Buyer Profile Form
    • Sell a Home 
      • Financial Facts
      • Seller Profile Form
    • Connect with Us 
      • Say Hello
      • Locations
      • Property Search
    • …  
      • Home
      • About Prime Team 
        • Meet Our Team
        • About Katie Townsend
        • Client Testimonials
      • Buy a Home 
        • Financial Facts
        • Buyer Profile Form
      • Sell a Home 
        • Financial Facts
        • Seller Profile Form
      • Connect with Us 
        • Say Hello
        • Locations
        • Property Search
      • Financial Tips for Buyers

        For many people, this is the biggest investment they will ever make.

        Stay Within Your Means

        How much house can you afford?

        • Always consult with a professional mortgage representative for advice on your qualifications, how much home you can afford, what your monthly payments will be, and what you should expect throughout the home buying process. Please ask us or your friends and family for mortgage representative recommendations!
        • A buyer should typically be able to afford a home that is 3 to 3.5 times your annual income.
        • Your total monthly expenses (including the new home) should never be above 45% of your gross (pretax) income.
        • Please note that sites such as realtor.com, zillow, and creditkarma are just guides. Your real estate professional can guide you on correct home values and your lender will be able to correctly guide you on financials.

        Benefits of Saving Cash

        There are several advantages to having cash saved for a down payment and closing costs...

         

         

        Higher probability of getting approved for a mortgage loan

        • Shows seller you are serious about buying
        • Lower mortgage balance and payments
        • Lower mortgage rates
        • Less interest expense
        • Reduced mortgage insurance premiums

         

      • Financial Allocation

        Where does your money go at closing? Below is a list of closing costs with typical amounts included.

        Buyer Expenses

        • Appraisal, $250-500
        • Credit report, $30-75 per borrower
        • Inspection fee, $350+ per visit
        • Lender direct underwriting fee, $750-1,000
        • Processing fee, $150
        • Flood certificate, $50-100
        • Tax service, $85-100
        • Buyer's title insurance, $250-1,000
        • Local city transfer tax, $7.50 per $1,000
        • Interest per day
        • Escrow taxes, 1-5 months (if applicable)
        • Escrow insurance, 1-5 months (if applicable)
        • Survey, $500-1,000 (if applicable)
        • Recording fee, $75-250
        • Title search, $500

        Seller Expenses

        • Commission, cost arranged at listing
        • Seller's title insurance, $300-2,000
        • Tax proration, 105-110% of last tax bill
        • Deed preparation, $200

        Expenses Buyer and Seller Share

        • Attorney fee, $600-1,000+
        • Settlement closing, $250-1,000

      Parsons

      41 Tennessee Avenue South

      Parsons, TN 38363

      Office: (731) 257-1334

      Fax: (731) 257-1133

      731primeteam@gmail.com

      Lexington - Now open!

      39 North Broad Street
      Lexington, TN 38351
      Office: (731) 798-5111
      731primeteam@gmail.com

      Jackson

      409 Walker Road, Suite B

      Jackson, TN 38305

      Office: (731) 300-7103

      731primeteam@gmail.com

       

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