It is important to be financially prepared before buying a home. Aside from the down payment there are other costs to consider your purchase.
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.
Whether you purchase a condo or single-family home insurance will be an important piece in your investment.
Many attorneys charge a flat fee, due at closing, for their service in the real estate transaction.
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.
|Take home pay of all borrowers|
|Credit Card Payments|
|Personal Care Products|
|Remaining Income After Expenses|
THIS IS JUST A PORTION OF CONSIDERATIONS TO TAKE BEFORE BUYING A HOME.
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