07/31/2024
Math every future homeowner needs to know!
Today, I’m spilling the tea on all the numbers you need to know for your next big purchase. Let’s crunch those numbers together!
But first, pre-approval! Connect with a lender who will look at your debt, income, and credit score and determine how much you’ll need to put down and what your budget is. It’s a quick process, but these numbers are vital for your home-buying journey. (I can recommend a great lender to you!)
Next, let’s talk money! Here are the key figures you should think about:
💵 Down Payment: Forget the old 20% rule! In this market, it’s not uncommon to buy with just 3.5% down. Early conversations with your lender are key!
🔍 Home Inspection: Budget around $500-600 for peace of mind.
💰 Earnest Money: Set aside 1% of the purchase price. Once we find a home, I will guide you on the exact amount!
📊 Appraisal: Plan for approximately $500.
💵 Closing Costs: These vary, but some of the items mentioned above are part of it. Your lender will give you a clearer picture.
🏡 Taxes & Homeowner’s Insurance: Smooth out those payments by rolling them into your monthly mortgage payment.
Pro tip: Don’t max out your budget! 📉 I encourage buyers to look slightly under their max amount. Your home should empower the life you want, not leave you stretched too thin. Balance is key!
Bonus tip: Before making an offer, ask sellers for an estimate of monthly utilities. That way you’ll have wiggle room to spend and save while enjoying your new home! 💡💲
So get your calculators ready, future homeowners! Let’s make those numbers work for you. Have more questions or need help connecting with a trusted lender? DM me and I’ll help you get started!
