Clients always ask me what the mortgage payment is, and sometimes I would love to list out every extra cost to help them realize the true cost of Home Ownership. In saying that, here is a quick list. Always remember to add this to your budget when thinking of getting a home.
This kind of information doesn’t save you thousands necessarily, but it will save your from forking out future expenses you didn’t plan on.
The Forgetful Eight.
- 1. Property taxes : Annual taxes can top several thousand dollars in major urban centers. Ask your broker, there are lenders and banks that will include this payment in your total monthly mortgage payment.
- 2. Energy costs: Gas, electricity, pool?, lots of other things.
- 3. Phone internet – they can run lower these days, but lets consider all the streaming subscriptions. I know I have 5!
- 4. Home insurance – more expensive these days, but totally doable. If you ever need a good quote head on over to Youngs Insurance. They can handle any inquiry to the cost of your home insurance.
- 5. Municipal services – this can run around 1% of the purchase price, but we can check with you before you sing on the dotted line.
- 6. Fuel Or transit costs – how far of a drive do you have to your work? school? this is easy with GPS nowadays, but do the calculations. See what it will cost.
- 7.Upkeep – always, always, always, something needs done in your home. Brand new, old, something will always break. Lets budget some extra cash for this.
- 8.Liesure Bills – extra things that could be cut off if needed to increase cash flow. Pool, etc.
These 8 items are all common, and your mortgage agent should be helping you with a budget if needed. We are here to help at Mortgage Suite and can go through all this with your purchase. Please fill out our online pre-qualification tool here and we will have an agent get in contact with you.
Apply HERE to see what rate you can qualify for