Buying a home can be costly! Between the down payment, closing costs, moving costs and then the monthly mortgage, you'll have many expenses to budget for when buying a home. Establishing a budget before getting started with the home buying process can help ensure that you're ready to buy a home. Here's what you need to know.
1. Know What to Expect
Before starting the home buying process, it's important to know what major expenses must be covered when making the purchase. Below are some of the most common expenses home buyers face when making their purchase:
- Closing costs, 2%-5%. Closing costs