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Provo Real Estate: Be Prepared for Extra Costs

Sep 16, 2008
When looking at Provo real estate to purchase, buyers need to be aware of the extra costs associated with buying property. It is important to know about those costs so you have the funds accumulated to secure your Provo real estate.

Down Payment

If you are not getting the down payment from another piece of Provo real estate that you are selling, you need to make sure you are prepared to come up with the down payment. While there are certain options for people who do not have the down payment money, the best case is when the money can be produced by the buyer. If you do not have the money, you will have to find a gifting program, or see if you qualify for a no down payment loan.

Property Taxes

Property taxes are something that you are gong to have to pay when you purchase Provo real estate, and that can be done in one of two ways. The first way is you will be responsible to pay them on your own. However, that is typically not the case. Under most circumstances, they come out of escrow funds. You will pay more money with your monthly mortgage payment in order to satisfy the cost of the property taxes.

Mortgage Loan Insurance

The cost of mortgage loan insurance can shock many new buyers. Buyers need to be prepared to pay an extra monthly fee for their mortgage insurance when buying real estate in Provo. In some cases, this type of insurance is not required. Information about the insurance can be received from the lender. You will also be able to find out if you must get the insurance when you speak to your lender.

Appraisals

Before your mortgage loan is granted, your lender may require that the property is appraised. In such cases the buyer is responsible for the appraisal fee.

Closing Costs

During a closing for Provo real estate, documents are going to have to be prepared. A lawyer is gong to help with the closing, and deeds are going to be transferred. All of this must be paid for. In some cases, closing costs can be added to the mortgage loan, while in other cases they must be paid for at the time of closing.

When you are looking at Provo real estate, complete a realistic assessment of the costs and your financial abilities. Then, you will be able to look at and purchase the real estate you want without any surprises.
About the Author
Art Gib is a freelance writer for PayneSmootGroup.com (http://www.paynesmootgroup.com), a website featuring Provo Real Estate .
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