Prime Rate Credit

I am going through a possible home buying process right now. In other words, I’ve applied for a mortgage. It’s the first time I’ve done so, and I’m finding that it is very wise that we saved up a decent nest egg before we plunged into this process, since there are several hidden fees that you don’t even think about and to go in to the buying process, or even the mortgage loan process without having a couple thousand dollars (at least) at your disposal could leave you poor for a few months!

There is the loan application fee - ours was $275. I wouldn’t have thought of that one at all, but that’s an extra fee I guess for the costs of the mortgage lender processing your loan, which I have to say does require a decent amount of paperword on both ends. Then there are the closing costs. I think this one may depend on the cost of the loan you are applying for. Ours happens to be in the coupld grand department, and that was just another cost I had heard about, but didn’t necessarily think about in my head as an extra expense to save up for (Thank God I did though).

Then there are the home inspection fees and appraisal fees. You’re looking at another couple hundred dollars for each of these. See how much this home buying process can drain your account quicker than you can say “bureaucracy”? It’s best to go into it financially prepared, and I feel very blessed that we have been able to do it the right way as first time home buyers.