Your Mortgage Payment… How much is it going to cost you?
In our last couple of “Homebuying 101 Articles” we talked about how much it would cost upfront to have inspections and appraisals completed, how much the downpayment for a home would be and how much you would need to bring to closing and revealing the mystery of closing costs.
One of the most important factors that go into your home purchase [once you establish that you have the financial ability to pay the upfront costs, the downpayment and closing costs] is your mortgage payment.
When you “get qualified” for a mortgage with a broker or lender they will tell you the maximum price of home you qualify for, which is very useful information, but more importantly you need to find out the payment for that loan amount [always ask for an estimate that includes principal, interest, property tax escrow and hazard insurance escrow]. Your home purchase price may depend more upon your monthly budget than anything else. Being comfortable with your monthly mortgage expense is VERY IMPORTANT.
If you are considering buying a home in community that has a homeowner’s association or is in a townhouse community or is a condo, you also have to factor in Homeowner’s Association or Condo Association fees. These fees are not part of your mortgage payment, but are typically due on a monthly or quarterly basis and will put a dent in your budget if you don’t consider them upfront.
If you are considering buying your first home, please contact me for a free “First Time Homebuyer” consultation… In about an hour, I’ll give you some helpful tips and a guide to get on the path to homeownership. I’ll even throw in a cup of coffee! Please contact me text/cell @ 407-758-1020 or Debbie@MoveToLakeMary.com if you would like someone to walk you through the homebuying process.
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