Private Mortgage Insurance (PMI) e (PMI)
If your down payment is less than 20%, lenders typically require private mortgage insurance (PMI). This adds an extra cost to your monthly payment—roughly $100 per month for a $100,000 home—but protects the lender in case of default. Explore options to eliminate PMI over time, such as refinancing or paying down your principal faster.
Balancing Costs Beyond the Mortgage
Your monthly mortgage payment is just one part of homeownership. Budget for additional expenses, including: • Property Taxes • Homeowners Insurance • Maintenance and Repairs Unexpected costs can arise, so setting aside an emergency fund for home-related expenses is wise.
The Role of Community in Homeownership
Buying a home means more than just acquiring property—it’s an investment in a community. Your home’s location affects your daily life, from commute times to schools, parks, and local amenities. Think about how the community aligns with your lifestyle and long-term goals before finalizing your purchase.
Be an Active Participant
While your real estate and mortgage professionals are there to guide you, staying actively involved in the process is crucial. Research loan options, ask questions, and make sure you fully understand the terms of your mortgage.
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