There are more costs than you might think.
If you can't afford a down payment of 20% on a house, you might have to pay forYou can pay for this through a monthly premium, a one-time upfront premium, or both, and the costs of these are located on your Loan Estimate and Closing Disclosure documents," says Trapasso.be able to find a lender who will give you a mortgage even if you don't have a 20% down payment. Trapasso's advice: Shop around so you can avoid the PMI.
"If you happen to be in a flood zone, next steps should be looking into flood insurance or investing in flood prevention renovations, like installing pumps or waterproofing. While waterproofing a basement can cost on average anywhere from $1,900 to $6,500, it still beats having to pay over $25,000 after a flood has already done its damage," says Trapasso.$2,471 on average per year
This cost is a big one. Property taxes are typically paid twice a year to fund things like local schools and the fire department. While the annual cost is substantial, it may slip under your radar because it's often tacked onto your monthly mortgage payment. To make sure you're getting the lowest possible tax rate, Trapasso says you might need to do a little leg work."Some states even offer rebates that can lower property taxes, like homestead exemptions, depending on factors like age, veteran status, or income, so be sure to check to see what you qualify for."
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