The Hidden Costs of Homeownership

[cherrysmith14]

Hello Friends.........

1.Closing Costs
Closing costs can add on thousands of dollars when your loan is settled. Those fees are often negotiated and vary state-by-state. As a buyer you may be responsible for a portion of them or the seller may assume all of them. The expense may be written into the offer so that the buyer doesn’t have to come up with the cash.

2.Property Taxes
Your property taxes are the principal source of revenue for municipalities, counties and school districts. The United States average for property taxes is 1.38 percent of the home’s value with the highest rates in New Jersey, Connecticut, New Hampshire, New York and Rhode Island and the lowest in Louisiana, Alabama, West Virginia, Mississippi, and Arkansas. Additionally, there are variances within counties, parishes, boroughs and the like.

3.Private Mortgage Insurance
If your down payment was less than 20 percent of the purchase price, you will be required to buy Private Mortgage Insurance. PMI enables you to buy a house with a smaller down payment. The insurance protects the lender against you defaulting on the loan. Once you have sufficient equity in the house, the PMI coverage can be canceled.

Thanks


Brampton Real Estate Agent

[Felix07Richerd]

very nice posting about hidden costs of home ownership. Personally I am so satisfied that I have found this information valuable. I am quite sure they will learn lots of new stuff here than anybody else!
________________
Source for London Apartments and Prescott Apartments for rent.