Posts Tagged ‘property taxes’

Doing the mortgage numbers: Home buying expenses that you need to prepare for

Posted December 9, 2008 by Bernz

Thinking of buying a home? Prices are very affordable. The catch is that you must have near perfect credit. If your credit is no then seize the opportunity. Just be ready to pay for costs other than your monthly mortgage. Here’s a quick run down on the out of pocket expenses that you’ll need to cover.

mortgage1) Add a40% to your mortgage to cover property taxes, home owners insurance and maintenance. Tip: If you pay less than 20% down you can save money by having private mortgage insurance rolled into your mortgage.

2) Expect to pay 2 to 3 percent in closing fees. You can pay these in cash or fold these costs into your mortgage. (more…)


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