Some up-front costs include:
Down payment: Depending on the loan program selected and property type being purchased, the minimum required down payments range from 0-25% of the purchase price. The more you can put down, the lower your monthly payment may be, but be sure to have enough money left over for moving expenses, furnishings, and potential home improvements after closing.
Closing Costs: We offer all of our mortgage loans with no lender fees or points to keep your closing costs as low as possible. We even of some loan options with no or reduced closing costs! However, some closing costs may be unavoidable such as appraisal, title insurance, closing, credit report, and recording fees. We will always explain the costs associated with your mortgage options upfront to insure you’re making an educated decision on the best mortgage for you.
On-going Costs: Your typical housing costs include: monthly mortgage payment, homeowner’s insurance, property taxes, mortgage insurance (if required), flood insurance (if required), utilities, and maintenance.