Frequently Asked Question
Quick Answer
Plan for closing costs of 2–4% of the loan amount, inspection fees of $500–$1,000 depending on the property and inspections ordered, earnest money of 1–2% of the purchase price (applied at closing), and 2–3 months of mortgage payments in reserve post-closing. The total out-of-pocket is almost always higher than buyers initially expect.
Plan for closing costs of 2–4% of the loan amount, inspection fees of $500–$1,000 depending on the property and inspections ordered, earnest money of 1–2% of the purchase price (applied at closing), and 2–3 months of mortgage payments in reserve post-closing. The total out-of-pocket is almost always higher than buyers initially expect.
This answer is part of a longer article by Pam Heinold:
Read the Full ArticleKeep Reading
Buyer Guide
NewBuying your first home in Pensacola? This friendly, step-by-step guide covers everything — from getting pre-approved to closing day — with Pensacola-specific advice from a 22-year local expert.
Buyer Guide
The list price tells you what a seller wants. What two homes at the same price actually offer can be worlds apart. Here's how to see past the number — and understand what you're really buying.
Buyer Guide
Most buyers focus on the loan amount. But in Pensacola, the variables that change your monthly payment most dramatically are often the ones buyers don't see coming — particularly insurance. Here's the full picture.
Buyer Guide
Both paths have real advantages. The question is which advantages matter most to your situation — and what trade-offs each path carries in Pensacola's specific market.
Have More Questions?
Ask Pam directly.
22 years of Pensacola real estate knowledge, shared freely. No pressure — just a friendly conversation.
Begin a Conversation