Costs INFO for First-Time Homebuyers
A former member of the Maryland Mortgage Brokers Association board of directors, Diego Calderon established Washington Home Mortgage in 1998. During his time with the Bethesda-based company, Diego Calderon has provided support to first-time homebuyers. First-time homebuyers may be surprised to find that having an offer accepted does not mean an individual or family will be able to move into a new house that week, or even that month. The process from applying for a mortgage on residential properties to closing usually takes between 30 and 45 days. The development of electronic loan processing services and increased market competition continue to expedite closing, though most periods still trend nearer the 45-day mark. Not only does the closing process extend the home-buying process by a month or more, it carries additional costs first-time homebuyers should be aware of, including lender origination fees, prorated property taxes, first mortgage payment interest, and title insurance premiums. Homeowners Association (HOA) fees may also apply to certain properties. To learn more about the costs and documentation needed to close on a residential property, prospective homeowners should consult with an experienced real estate professional.