Purchase A New Home!
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Purchasing a home is a very exciting time.
Purchase Solutions Right For You!
How much house you can afford
The first step toward finding the right home is to quickly compute your purchasing power and determine how much you can afford to pay each month. This saves you time by allowing you to focus on homes in your price range. In addition, in the planning stage, you should consider both the up-front and ongoing costs associated with purchasing a home.
Some up-front costs include
Down payment
Typically ranges from 3-30% of the cost of the house. The more you can put down, the greater equity you will have in your home and the lower your monthly payment will be. For down payments less than 20% you may also need to pay mortgage insurance.
Closing Costs
Typically range from 2-6% of the loan amount depending on your area.
On-going Costs
Your housing costs can include the following: monthly mortgage payment, homeowners insurance, mortgage insurance, flood insurance (if applicable), property taxes (if applicable), utilities, maintenance.