Financing Your Home Purchase



Organizing your finances is the critical first step in your home purchase:

 

  Consider the onetime cost associated with a home purchase, including a down payment, legal fee, inspection fees, taxes, and moving expense.
 

  Understand ongoing monthly cost, including mortgage payment payments, insurance, utilities, property taxes, and maintenance and, if applicable, condo fees.

 

  Take into account the equity you may have in your current home and the applicable mortgage options available for your next move.

 

 Pre-qualifying for mortgage gives you the comfort of knowing how much you can afford and what your monthly payment will be.

 

  A pre-approval from a mortgage lender protects you against the interest rate increase for a given period during your home search.