San Diego, CA (PRWEB) May 06, 2014
LoanLove.com is a borrower advice website that is dedicated to helping borrowers find home loans that they will love. With first class information, valuable resources and connections to top rate industry professionals, the website has quickly become a trusted destination for current news and expert loan advice. Loan Love is constantly providing loan borrowers with the most relevant information regarding mortgage loan management, and their newest article is no different. This new guide provides information on some of the hidden costs of owning a home in 2014.
This new article from Loan Love titled “Home Ownership Costs (Don’t Let Them Sneak Up On You)” says, “Whether you are a new home owner or in the process of buying your first home, your attention has probably been focused on financing and interest rates, and more specifically, your anticipated monthly payment. This is understandable, and certainly that monthly mortgage payment is important when it comes to how home ownership is going to impact your wallet. But understanding home ownership costs means thinking beyond your monthly mortgage payment and your ability to make those payments on time.”
The home ownership costs guide goes on to reveal some of the expenses that home buyers should prepare for and take into account when planning their future budgets as home owners. The first expense that might not be immediately apparent for new home buyers is the closing costs. Loan Love says,
“Before you even put the key in the lock, you will need to deal with closing costs, which vary from state to state, but can run into thousands of dollars. The list can get lengthy, but the list of closing costs typically include the appraisal, inspections, title insurance fees, fees related to pulling your credit report and other expenses. You can expect closing costs to run about 2 to 5 percent of the purchase price of your new home. on your agreement with the seller and what is contained within your accepted purchase to offer, the seller may assume all or a portion of the closing costs, getting you off the hook. You may also include some of expense in your offer so that you do not have to come up with the additional cash upfront.”
The other home ownership expenses that the article looks at include:
- Private Mortgage Insurance (PMI)
- Home Owners Insurance
- Property Taxes
- Ongoing Maintenance and Repairs
- Furniture and Decorating
These are all expenses that may crop up when securing financing for a house, or later on when the home owner is already living in their new home.
For more information on these hidden home ownership costs, click here to view the full guide on LoanLove.com.