Buyer's Guide - Coldwell Banker Real Estate Group - Manual / Resource - Page 11
How Much Can
You Afford?
Before you begin searching for a new home, you
need to determine a realistic budget that takes
into consideration your current debt (credit cards,
loans, etc.) as well as homeowner expenses such
as taxes, insurance, utilities, and maintenance.
If you choose to obtain a loan to purchase
Scan to start
your home, there are numerous options. Our
your pre-approval
lending partner, Point Mortgage, is focused on
process today!
empowering you to make the right loan decisions.
Fine Tune Your Budget
Now it’s time to calculate your budget in more detail. To help you, here are three major costs associated
with purchasing a property:
1. Down Payment
2. Monthly
3. Closing Costs
This is how much you pay
Mortgage Costs
Include appraisals, title
upfront. The larger the down
Include the mortgage,
insurance, inspections,
payment, the smaller your
homeowner’s insurance,
attorneys, title transfers, and
mortgage. The standard down
mortgage insurance (if
additional fees. Your agent will
payment is 20% of the cost of
applicable), property taxes,
help you estimate these costs
the home, but other programs
and escrow deposits, which
and be prepared for closing.
are available, especially for
can be combined with the
first-time homebuyers. Your
monthly mortgage payment.
real estate agent can help
you determine which program
is the best fit for you.
1
FINANCIAL
STRATEGY
2
BUYER
PROCESS
3
OFFER
STRATEGY
4
MANAGE
TRANSACTION
5
CLOSE &
MOVE IN
11
