What You Need To Budget for When Buying a Home

When it comes to buying a home, it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need to budget for throughout the process.

To get you started, here are a few things experts say you should plan for along the way.

1. Down Payment

As you set your savings goal for your purchase, your down payment is likely already top of mind. And, like many other people, you may believe you need to set aside 20% of the home’s purchase price for that down payment – but that’s not always the case. The National Association of…

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Don’t Get Caught Off Guard by Closing Costs

As a homebuyer, it’s important to plan and budget for the expenses you’ll encounter when you purchase a home. While most people understand the need to save for a down payment, a recent survey found 41% of homebuyers were surprised by their closing costs. Here’s some information to help you get started so you’re not caught off guard when it’s time to close on your home.

What Are Closing Costs?

One possible reason some people are surprised by closing costs may be because they don’t know what they are or what they cover. According to U.S. News and World Report:

“Closing costs encompass a variety of expenses above your property's purchase price. They include things like lender fees, title insurance, government processing fees, upfront…

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Key Terms for Homebuyers

Some Highlights

• Knowing key housing terms and how they relate to today’s market is important. For example, when mortgage rates and home prices rise, it impacts how much home you can afford.
• Terms like appraisal (what lenders rely on to validate a home’s value) and the inspection contingency (which gives buyers essential information on a home’s condition) directly impact the transaction.
• Buying a home can be intimidating if you’re not familiar with the terms used throughout the process. Let’s connect so you have an expert guide and advice for any questions that may come up.

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Key Terms to Know in the Homebuying Process

Some Highlights

• Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
• To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
• The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher’ by putting your needs first.

• Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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DEBUNKED: Rumors and Myths of Rent vs. Buy

To rent or to own; that is the question. Well, let’s break it down, shall we?

Renting

Sure, renting can have its benefits. Maybe you’re not responsible for the yard upkeep or shoveling in the bitter cold, or in-home fixes and repairs. And you have to answer to a landlord, on their terms and their time. Some repairs or problems can’t wait. So, what’s the price you pay? There’s a reason people say, “You’re just throwing money away! Don’t you want your money to go towards something? Something you own?!” Yet, maybe you’re not the settling-down type of person. In that case, renting may be for you.

Owning

Sure, there are challenges like being responsible for home repairs, yard upkeep and sidewalk maintenance. But remember you can also do what…

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