Budget These Costs Alongside Your Mortgage

Budget These Costs Alongside Your MortgageWhile many homeowners are focused on their mortgage affordability, there are additional items to consider!

Whether you’re searching for a home in Irvine, California, or a vacation home in sunny Lahaina, Hawaii, a mortgage calculator is the first step to understanding the cost of your dream home! While determining the loan amount, term, and the interest rate is extremely important, there are other costs that you should factor in.

So that you’re not financially drowning before you’ve even moved into your ideal house, be sure to account for these 3 additional costs:

Homeowners’ Association (HOA) fees
Many of these dues are paid to a group within a community that creates and enforces rules for property owners. While these fees are typically paid quarterly, the fee covers a variety of services such as garbage pickup, use of common areas and utilities, and insurance. Familiarize yourself with the rules upfront so that you needn’t face violation charges.

Homeowners’ Insurance
Although the cost of this is generally dependent upon the type of coverage you desire, a certain level of coverage is usually required by your mortgage lender. Determine the best policy for you with a reliable insurer and be sure to calculate the monthly premiums into your budget.

Utilities
If you’re aiming for a home in California or Hawaii, you’re likely to have high air conditioning costs. To whittle this expense down a bit, consider enrolling in your utility company’s year-round payment fund to help offset high seasonal energy costs!

Are you ready to secure your finances for the upcoming future? Talk to a professional at Avis Lending! We serve all of Irvine, California and Lahaina, Hawaii with West Coast mortgage home loans so that you are fully prepared for every financial endeavor that comes with homeownership!

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