



Down Payment and Earnest Money
Before you even buy the home, you'll need cash for your earnest money and down payment. You may have heard the myth that you need a 20% down payment to buy a home, but there are actually loan programs available that require as little as 3.5% — or even 0% down for those who qualify. Contact me to learn more.

The Mortgage Payment
Your monthly mortgage payment consists of:
Principal: The actual amount you are borrowing.
Interest: What it costs to borrow the money for your home.
Escrow: A third party account used to pay for taxes and insurance on your behalf. Learn more about escrow.

Closing Costs
You'll also have to pay closing costs when ownership of the home is transferred to you. Closing costs are a one-time payment due when you close your loan. Everyone's closing costs vary slightly, but below are a few examples of what might be included:

You can negotiate with the seller to pay some or all of your closing costs. If the seller won't pay and you can't afford these costs, talk to me about rolling them into your loan.
Learn more about closing costs.

Other Expenses to Save For
Don't forget: Your home will need regular maintenance and upkeep. You'll also have bills for electricity, water, internet, and other utilities to pay. And don't forget your moving costs! Whether it's hiring professionals or handing out pizza and sodas to your buddies, you still need to save some cash!