Buying a home requires more than just funds from your home loan. Here are some tips that will help you cover other costs.
Yes, now is the perfect time to buy a home! Of course, a home purchase comes with costs you may incur above the price of the home. Insurance, escrow and title fees, are just a few of the “closing costs” as part of the purchase process.
Then of course, is your down payment. Whether you’re going with a traditional fixed-rate mortgage with 20 percent down, or taking advantage of a loan with a lower down payment (Some loans are available with as little as 3 percent down), you still need to come up with that cash. So where does that cash come from? Here are a few suggestions.
Save it up!
Yes, here’s doing it the old fashioned, but tried and true way. When it comes to buying a home, it’s best to make your financial plan that gives you enough time to make sure your money is in order. This includes debt management and budgeting, so that you have the best opportunity to qualify for a low interest rate. While you’re making this plan, include a way to save some of that cash and put it away for your home purchase costs. Continue reading Where Will You Get Your Home Buying Money From?