Purchasing your own home is an exciting milestone that most of us dream of achieving. As you are planning your purchase, it’s important to understand there are some out-of-pocket expenses to consider.
Below, we’ve created a list of common expenses that you might not have thought of yet, so you can be ready for anything during the home buying process.
- Down Payment
- Appraisal Fee
- Home Inspection
- Closing Costs
- Moving Costs
Additionally, after closing there will be ongoing expenses to consider:
- Property Taxes
- Homeowners Insurance
- HOA fees
- Home Maintenance and Repair Costs
- Utilities
These costs can vary according to property, purchase price, loan amount, etc. If you want an estimate of what the actual cost will be, a reputable real estate agent and loan originator can help guide you. With a bit of planning and preparation, you can be confident in your ability to manage the costs associated with buying a home.
When thinking of out-of-pocket expenses, be sure to consider mortgage programs that cater specifically to first-time home buyers. These programs can offer low or zero down payment options, making the upfront costs more manageable. Additionally, there are resources and programs available that offer down payment assistance and closing cost grants.
A seasoned loan originator can help you understand the scope of these and provide estimates based on your current situation. At Highlands Residential Mortgage, we understand the unique challenges that come with purchasing a home, especially for first-time homebuyers. That’s why we offer tailored mortgage solutions that are designed to meet your specific needs and help you achieve your homeownership goals.
Contact your Highlands loan originator today to learn more about our programs and how we can help make your dream of owning a home a reality!
If you aren’t working with a Highlands loan originator yet, click HERE to find one in your area!
*This is not a commitment to lend. Not all borrowers will meet the requirements necessary to qualify