Understanding ownership costs
See the complete picture before you commit.
A comfortable purchase begins with a clear view of the money needed now and the expenses that continue after closing.
Upfront funds
Review the down payment, loan costs, inspections, escrow and title charges, prepaid expenses and any other transaction-specific costs with the relevant providers.
Recurring expenses
Budget for the mortgage, property taxes, insurance, utilities and applicable association charges. Ask about special assessments and separate service fees.
Read the loan terms
The interest rate and annual percentage rate serve different purposes. APR reflects the interest rate plus certain additional loan charges, making it one useful comparison measure.
Keep a reserve
Plan with your advisers for maintenance, changes in expenses and the cash you want available after the move.
Helpful resource: CFPB homebuying tools. Loan options and requirements vary. Discuss your circumstances with a licensed lender.