Thursday, January 9, 2025 / by Arial Davis
Budgeting Basics for Homebuyers: What You Need to Know
Buying a home is an exciting milestone, but understanding the costs involved can feel overwhelming. The good news? It doesn’t have to be! By getting familiar with the expenses you may encounter upfront, you’ll feel more in control of the process. Here’s what experts say you should plan for:
1. Down Payment
One of the first things that comes to mind when buying a home is the down payment. Many believe you need 20% of the purchase price, but that’s not always the case. Depending on your loan type, you may only need 3.5% or even 0% down.
As The Mortgage Reports explains:
“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don’t have a large down payment saved up, don’t worry—there are plenty of options available.”
A trusted lender can help you explore your loan options and even introduce you to down payment assistance programs. By working with a profess. ...
1. Down Payment
One of the first things that comes to mind when buying a home is the down payment. Many believe you need 20% of the purchase price, but that’s not always the case. Depending on your loan type, you may only need 3.5% or even 0% down.
As The Mortgage Reports explains:
“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don’t have a large down payment saved up, don’t worry—there are plenty of options available.”
A trusted lender can help you explore your loan options and even introduce you to down payment assistance programs. By working with a profess. ...