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What To Expect When Buying Your First Home
Dated: May 17 2019
Although you may qualify for a higher loan than you expect, make sure to consider how much you can actually afford. Some of the costs you may have to pay in addition to your estimated monthly payment include mortgage insurance, HOA fees, homeowner's insurance premiums, and property taxes. Factor these into the total monthly payment so you know how much you'll actually have to pay.
When you close on a mortgage loan, you'll likely have to pay the closing fees in addition to your down payment. Some lenders will roll the closing fees into the loan, but this means you'll be paying interest for 15 or 30 years on those costs, depending on which loan type you choose. Closing fees vary, but your lender can give you an estimate of what you'll have to pay.
Moving also comes with a cost. Even if you do it yourself, you'll have to pay for the boxes and packing materials, along with the cost to rent a truck to transport your items.
As you go through the process to buy your first home, being prepared and understanding what costs to expect can help you feel less overwhelmed. You can also walk into your new home knowing you can afford the monthly payment and enjoy the many benefits of homeownership.
Avo Derbalian became Owner/Salesperson of a real estate company in early 2016 after being a Realtor® for a year and a half, providing services all over Bergen County and Passaic County. Since then, ....