November 16, 2023

Episode #50: What to Know Before You Buy Your First Home with Craig Pothier

20 minutes

In this episode, my husband Craig and I discuss the various fees associated with buying a home. As a Certified Financial Planner and money coach, I provide insights on the financial aspects, while Craig, a local real estate agent, shares his expertise on the home buying process. We cover fees such as the option period, earnest money deposit, appraisal fees, lender fees, title insurance premiums, and property taxes. We also discuss negotiating strategies and the impact of interest rates on mortgage payments. Tune in to learn more about the costs involved in buying a home and how to navigate the process effectively.

Key Highlights
00:00:03: Intro
00:01:33: Option Period and its cost.
00:02:30: Earnest money deposit and its purpose.
00:03:03: Home inspection and potential costs.
00:03:33: Appraisal, cost and its significance.
00:03:49: Lender fees, including origination fees and application fees.
00:04:19: Title insurance premiums and their purpose.
00:05:32: Cost of title fees and average cost of homeowner's insurance.
00:06:13: PMI: Private mortgage insurance for those who don't put 20% down.
00:08:23: Survey fees and their negotiability.
00:08:25: Recording fees for public record.
00:08:46: Property taxes and their impact on mortgage payments.
00:11:18: Interest rates and their impact on the housing market.
00:13:30: Negotiating fees with lenders and realtors.
00:15:10: Financing options for the various fees.

Notable Quotes
"There's a lot more to buying a home than just the price listed on Zillow."
"The option period is a prime time for you to do your homework and research to ensure you're making a good deal."
"The earnest money deposit shows the seller that you're serious about the deal and not just a random investor."
"Get a home inspection to uncover any potential issues like foundation or roof problems."
"Title insurance ensures a clean history and covers any uncovered issues in the future."
"Negotiate with lenders for fees and credits to reduce your closing costs."
"Interest rates may be high now, but it's still a good time to invest before prices skyrocket when rat