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Should I expect anyother out of pocket expenses 1st time buyer

I will be purchasing a home soon if all things go to plan. I will be using a hardship withdrawal from my 401 K for the down payment. The home will be a new build and I know I will need the services of an inspector. My question is should I expect any other out of pockets expenses besides the down payment and cost of inspector.
  • November 22 2012 - Auburn
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Answers (4)

Sometimes the lender will request the appraisal fee to be paid in advance.  There are also some zero down loans for first home buyers available - in case you haven't heard of them. 
  • January 23 2013
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Yes, there will most likely be closing costs associated with whatever loan you take out for the remaining balance. There will be transfer taxes, title, insurance, recording fees, possible supplemental taxes, appraisal fee, and other possible fees depending on the location and type of property. Working with a good buyers agent, preferably a realtor, would be the best choice. A good realtor can get you in touch with an experienced escrow company and show you an approximation of all these closing costs. Now, those all might have sounded like a lot, however most of those fees are minor.
  • November 22 2012
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Profile picture for john.willis07
Wow, didnt know I was asking advice about my 401 K withdrawal. can anyone else answer the actual question.
  • November 22 2012
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Profile picture for wetdawgs
Wow!  A hardship withdrawal from your 401k is extremely expensive money after taxes and penalties.    Calculate it out.  Home buying shouldn't be an emergency.

What expenses?   Inspection, appraisal are standard.  There are probably lender fees.  Talk with a lender to get an estimate

  • November 22 2012
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