So you’ve successfully closed on your new home and you’ve got the keys in hand. Congratulations, new homeowner! Now it’s time to focus on next steps. Whether or not this is your first home purchase, there’s a lot to remember when you acquire a new home. Here’s some advice from a trusted lender, so you can stay confident in your family’s financial future in the weeks and months after you close on a new home.
Budget Like a New Homeowner
Whether you are a first-time homebuyer, or this is not your first time owning a home, it’s good to remember that taking out a mortgage to purchase your home is the kind of big financial step that impacts many corners of your life.
That’s why it’s a good idea to consult your most recent loan estimate or closing disclosure for a complete breakdown in the costs associated with purchasing a new home. These costs will typically include one-time expenses, like title services and recording fees, as well as your monthly mortgage payment. These monthly payments to your lender will be higher if you choose to escrow your taxes and homeowners’ insurance – otherwise you’ll want to remember those, too!
If this is your first time owning a home, remember to look out for costs that a new homeowner might not be familiar with after a long period of renting. These include monthly costs like HOA fees from the homeowners’ association in your new neighborhood, as well as the unique costs associated with homeownership, like emergency plumbing repairs or other expenses that would otherwise be covered by a landlord.
Secure Peace of Mind with Your Home Financing Options
Purchasing a home is a complex process. The real estate market can be overwhelming, and it is common for future homebuyers to feel daunted, like it’s impossible to be fully prepared for their homebuying journey. Seeking out a loan officer to help answer your questions, may start you on your way to a home loan with the guidance to set you up for success.
Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For more information on financial planning or investment advice, consult a registered investment advisor or financial planner. For tax advice, please consult a tax professional.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
