Many who are inexperienced in home buying, or who simply aren’t at that point in their life, likely have no idea what is involved. It’s common to think you need to worry about only 2 things: a mortgage approval and a down payment. But getting your new home finances in order means looking at the big picture – before and after the purchase.
Before you buy
Yes, it’s a good idea to get a mortgage preapproval and you’ll want to have a sufficient down payment based on your price range, but that’s not all. Additional costs include a lawyer, a home inspector, and securing home insurance; property taxes are another consideration. You’ll want to have some wiggle room in your savings account to cover your closing costs and anything else that may come up.
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