But there is more to paying for a house than sending in your mortgage payment each month, and these fees tend to sneak up on homebuyers if you aren’t aware of them. Some of these fees are avoidable; some are not.
Here’s how to avoid hidden fees when buying a home.
Know Your Loan
If you are using a loan to buy your house, consider each of your options carefully. Some loans offer low or no down payment but compensate for it in the loan somehow.
For example, FHA loans are great for first-time homebuyers who don’t have a 20% down payment or who have a lower credit score. This loan has helped many people become homebuyers who wouldn’t be able to otherwise. This loan has hidden fees, tho ...
If this sounds like you, you need to pause the process and pump the breaks! Here are 12 things every first-time homebuyer needs to do before purchasing a home.
The Financial Side of Buying a Home
Save for a Down Payment
Many renters save for so long because they believe they need a 20% down payment before they can buy a house. While a 20% payment ensures that you won’t be paying for mortgage insurance, you aren’t disqualified from purchasing a home if you don’t have that much saved. There are several loans that allow you to put a lesser amount down. There are even programs that offer down payment assista ...