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How Much Money is Required to Buy a House

Wednesday, October 13, 2021   /   by Tara Turner

How Much Money is Required to Buy a House

How Much Money is Required to Buy a House

The amount of money you'll need up front to buy a house depends on a number of factors, but in general, you'll need to come up with enough money to cover these 3 costs.

1. Earnest money is a deposit you make when submitting your offer to prove to the seller that you're serious about wanting to buy a home. The amount of earnest money required varies so ask your realtor what is appropriate.

2. Your down payment is a percentage of the cost of the home that you pay when the transaction closes. Down payment requirements vary based on the loan type but expect to put down somewhere between 5-20% of the purchase price.

3. Lastly, closing costs are the costs associated with processing your loan and the other paperwork required to buy a house. Closing costs typically average between 2-5% of the purchase price. When you apply for a loan, your lender will give you an estimate of your closing costs.

If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070. Mitchell Stein License# 0208163

Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
310-770-4121
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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