Costs to Consider When You Start the Home Buying Process

Have you spent hours and hours scrolling through listings of homes that are for sale on websites or mobile apps? If you have, I’m right there with you – there have even been times my eyes were locked on the screen for so long I thought my eyelids would forget how to close.

Really though, looking at listings of homes is great, but is it the right place to start? I remember when I went out shopping for prom dresses in high school that I would try them on without looking at the price tag only to realize after I had fallen in love with one of them, that it cost more than my first car.

My point is that you can start your home buying experience off on the right foot by first learning how much you can actually afford, which includes factoring in the following costs into the total purchase price:

  • Down payment
  • Interest Rate
  • Closing costs and taxes
  • Monthly payment amount you're comfortable making

Depending on what type of homebuyer you are (veteran or rookie), the type of loan for which you’re applying, and the requirements of your lender, you’ll want to discuss the amount of your required down payment. If you’re coming in to Affinity Plus, or chatting with us over the phone or Live Chat, our member advisors can help you determine this amount based on the purchase price of the home.

They’ll also tell you about your interest rate options. Have you ever thought about paying interest on something for up to 30 years? It’s a long time, so you want to make sure you’re getting a low rate. Good news for you – we’ve just lowered our rates. Click here to check out these great low rates, and start your online application for a preapproval.

Closing costs vary depending on your lender, although most are pretty comparable, and naturally, taxes differ depending on the city and county in which your home is located.

Now, I’m saying this as much to you as to me: quit spending time staring at a screen, and learn more about the costs involved in buying a home by chatting with a member advisor at Affinity Plus. And, don’t forget to ask about our low interest rates!