2 Major Home Expenses

2 Major Home Expenses
May 13 18:46 2019 Print This Article

Buying a home is a big investment. Not only do you have to plan for a down payment (this isn’t always required), but you also have to consider the monthly costs associated with home ownership. Having a budget in place before you buy can help prevent you from getting in over your head. Here are two of the major home expenses that you will encounter each month. 

Mortgage

Your monthly mortgage payment is dependent upon how much you borrow to purchase the home. The type of mortgage you choose will also make a difference. Whether it is a fixed rate, adjustable rate, balloon or reverse mortgage, you will want to be educated on the loan guidelines and regulations. Choose an experienced lender like Sun West Mortgage will be able to explain each type of mortgage and help you find the right one for you. 

Property Taxes

Property taxes can vary depending on where you live. This is something you will want to look into before you decide to buy. You should also look at the property tax history in the area. Be aware that property taxes can increase, so you may want to factor that into your budget

Owning a home is exciting, but it comes with expenses and responsibility. It’s a good idea to set aside an emergency fund in case you have repairs or unexpected home emergencies in addition to your planned monthly bills.

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Melinda Woodward
Melinda Woodward

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