When purchasing a home, it is important to keep in mind that the total cost includes more than just the original sale price. Planning for these unexpected costs is the best way to ensure a seamless home-buying experience. So, what are they?<\/p>\n\n\n\n
Down Payment<\/strong><\/p>\n\n\n\n A down payment is the cash you pay upfront when purchasing a home. This is your contribution toward the purchase and represents your initial ownership stake in the home. The required amount will vary by mortgage type.<\/p>\n\n\n\n Closing Costs<\/strong><\/p>\n\n\n\n Closing costs are expenses, above the property\u2019s price that are incurred at the closing of a real estate transaction. These costs can include application fees, origination and\/or underwriting fees, title insurance, title search fee, and in some cases a transfer tax.<\/p>\n\n\n\n Insurance<\/strong><\/p>\n\n\n\n There are two types of insurance to consider when purchasing a new home:<\/p>\n\n\n\n Homeowner\u2019s Insurance<\/p>\n\n\n\n This type of insurance protects you from unexpected damages to your home such as effects from a natural disaster, theft, or vandalism.<\/p>\n\n\n\n Private Mortgage Insurance<\/p>\n\n\n\n PMI provides protection for the lenders if the buyer defaults on their loan and is required when a homebuyer puts down less than 20% of their down payment. For FHA loans, insurance is required regardless of the amount of the down payment.<\/p>\n\n\n\n H.O.A.<\/strong><\/p>\n\n\n\n Homeowner\u2019s Association fees are applicable when buying a home or condo in a community that is run by a homeowner\u2019s association. They are used for services and amenities like security, landscaping, and recreation centers. <\/p>\n\n\n\n Property Taxes<\/strong><\/p>\n\n\n\n Property taxes are used to fund services like education, transportation, and community parks. They vary by geographic location and can increase along with the value of your home.<\/p>\n\n\n\n Move-In Expenses<\/strong><\/p>\n\n\n\n Often overlooked, moving expenses are necessary to any home-buying experience. Some of these include hiring a moving truck or purchasing cleaning supplies.<\/p>\n\n\n\n Maintenance, Repairs, Utilities<\/strong><\/p>\n\n\n\n Having a fund available for things like maintenance, repairs, and your new utility bill is always a good idea when purchasing a new home. Some experts suggest saving 1% of the home\u2019s value as an emergency maintenance fund when these almost certain expenses arise.<\/p>\n","protected":false},"excerpt":{"rendered":" When purchasing a home, it is important to keep in mind that the total cost includes more than just the original sale price. Planning for these unexpected costs is the best way to ensure a seamless home-buying experience. So, what are they? Down Payment A down payment is the cash you pay upfront when purchasing […]<\/p>\n","protected":false},"author":1,"featured_media":493,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[7,8,9,10,73,11,26,12,14,15,16],"class_list":["post-492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news-matters","tag-homebuyer","tag-homebuying","tag-homeloan","tag-homeowner","tag-homeownership","tag-homeseller","tag-homevalue","tag-mortgage","tag-mortgageloan","tag-realestate","tag-realestateagent"],"_links":{"self":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=492"}],"version-history":[{"count":0,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/492\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/media\/493"}],"wp:attachment":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}