Tags

, , ,

It is important to be financially prepared before buying a home. Aside from the down payment there are other costs to consider your purchase.

Closing Costs
Your lender will provide you with a Good Faith Estimate prior to closing. It details the costs associated with transferring the property and lists how much money you will need to bring to closing. These costs cover various items such as the appraisal, lender fees, underwriting, and title insurance.

Insurance
Whether you purchase a condo or single-family home insurance will be an important piece in your investment.

Attorney
Many attorneys charge a flat fee, due at closing, for their service in the real estate transaction.

Home Inspection
Inspectors usually charge a non-refundable fee due at the time of the inspection.

BUDGET BASICS WORKSHEET

It is also important to know how much income you receive each month and how much your expenses are. List them below to help gain a sense of your financial habits.

 Income

Take home pay of all borrowers
Child Support/Alimony
Disability/Other Insurance
Interest/Dividends
Other
Pension/Social Security
Total Income

Expenses

Car Maintenance
Car Payments
Charitable Donations
Child Care
Clothing
Credit Card Payments
Education
Groceries
Health/Disability Insurance
Homeowners/Renter Insurance
Household Goods
Life Insurance
Loan Payments
Medical/Dental/Prescriptions
Miscellaneous
Mortgage/Rent
Personal Care Products
Recreation/Entertainment
Restaurants
Savings/Pension Contribution
Utilities
Vehicle Insurance
Total Expenses
Remaining Income After Expenses

THIS IS JUST A PORTION OF CONSIDERATIONS TO TAKE BEFORE BUYING A HOME.

Cover Image The Home Buying Process: From Dream to HomeFOR MORE INFORMATION ABOUT THE HOME BUYING PROCESS DOWNLOAD OUR NEW E-BOOK, THE HOME BUYING PROCESS: FROM DREAM TO HOME FREE!


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

RELATED ARTICLES
Advertisements