[et_pb_section fb_built=”1″ _builder_version=”4.17.4″ _module_preset=”default” custom_padding=”3px|||||” da_disable_devices=”off|off|off” global_colors_info=”{}” theme_builder_area=”post_content” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.17.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.17.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n
Buying a home is one of the most important decisions you can make. Plus, considering current low mortgage rates, homeownership has never been more appealing and affordable.\u00a0<\/span><\/p>\n In this article, we\u2019ll break down how much you need to purchase a new home before the year ends, plus we\u2019ll explain the typical expenses you\u2019ll encounter when closing the deal on your new property.<\/span><\/p>\n Try our new online mortgage calculator to estimate –down to the penny –how much your monthly mortgage payment will be.\u00a0<\/span><\/p>\n Traditionally, a 20% downpayment was required to purchase a home. While putting down 20% has its perks, it can be challenging to come up with this amount. This is particularly true if you plan on living in a premium location where home prices are substantially higher.\u00a0<\/span><\/p>\n The good news is that today there are low down payment options. Government-backed loans like FHA or VA loans allow you to put down as little as 3.5% or even 0%! There are also many conventional loans with favorable low down payment requirements.<\/span><\/p>\n \u201cClosing costs\u201d is a catch-all term that includes origination fees, credit report fees, appraisal fees, application fees, title insurance, and title search fees to name a few.<\/span><\/p>\n Closing costs will vary depending on the lender and the price of the home. However,\u00a0 estimating 2 to 5% of your home\u2019s purchase price will give you a close approximation of what your closing costs will be.<\/span><\/p>\n For example, if the purchase price of your new home is $300,000, prepare for $6,000 to $15,000 in closing costs.<\/span><\/p>\n The lender may not necessarily require a home inspection, but it\u2019s often recommended as part of due diligence. Although the cost of $300 to $500 for a home inspection can seem too high, the investment could potentially save you thousands down the road by making you aware of any hidden structural defects.\u00a0<\/span><\/p>\n The cost of property taxes depends on the value of the property as well as the county and city where the home is located.\u00a0 Typically, tax assessors will value the property every one to five years and charge the appropriate rate following the standards set by the local taxing authority.\u00a0<\/span><\/p>\n By the way, your property taxes fund the local schools, public transportation, emergency, parks, and libraries.<\/span><\/p>\n Homeowner\u2019s insurance protects you should unexpected damage occur due to emergencies like fire, earthquake, or flooding. Some policies also include coverage in case someone is hurt on your property or from a break-in. Understand that this insurance is separate from the insurance included in your mortgage.<\/span><\/p>\n Mortgage insurance, or PMI, is meant to protect the lender in case the borrower is unable to pay their mortgage. Homeowner’s insurance is a policy that offers the homeowner financial relief in case of damage to the property or personal belongings.\u00a0<\/p>\n Homeowners association fees, or HOA, are monthly charges used to cover community perks like the pool, gym, tennis court, and clubhouse. The HOA fees typically also include landscaping and pest control.\u00a0<\/span><\/p>\n It can seem overwhelming to buy your first home but know that we\u2019re here to make it as simple as possible. We\u2019ll guide you through the qualification process and help you understand every fee associated with your home purchase so that you can make the best decision for yourself and your family.<\/span><\/p>\n Give us a call or send us a message on our website today.<\/span><\/p>\n \u00a0<\/span><\/p>\n <\/p>\n * Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.<\/strong><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Buying a home is one of the most important decisions you can make. Plus, considering current low mortgage rates, homeownership has never been more appealing and affordable.\u00a0 In this article, we\u2019ll break down how much you need to purchase a new home before the year ends, plus we\u2019ll explain the typical expenses you\u2019ll encounter when […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/posts\/1765"}],"collection":[{"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/comments?post=1765"}],"version-history":[{"count":2,"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/posts\/1765\/revisions"}],"predecessor-version":[{"id":1769,"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/posts\/1765\/revisions\/1769"}],"wp:attachment":[{"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/media?parent=1765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/categories?post=1765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ggmortgage.com\/wp-json\/wp\/v2\/tags?post=1765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Down payment<\/span><\/h2>\n
Closing Costs<\/span><\/h2>\n
Home Inspection<\/span><\/h2>\n
Property Taxes<\/span><\/h2>\n
Homeowner\u2019s Insurance<\/span><\/h2>\n
HOA Fees<\/span><\/h2>\n
Ready to Buy Your New Home?<\/span><\/h2>\n