FINANCIAL OBLIGATIONS

Buying a home is probably the largest purchase most of us will make in our entire lives.  While home ownership can be a rewarding experience, the true foundation of security rests in owning a home that falls within your financial limits.

There are four financial obligations that you should be      prepared to assume as a homeowner.  They are broken down into two categories.

INITIAL COSTS

        1.     DOWNPAYMENT

                (Portion of purchase price you furnish yourself)

        2.     SALE CLOSING COSTS

                (Extras such as home inspection, mortgage application fees, legal fees, land transfer tax and moving costs.)

MONTHLY COSTS

        3.     MORTGAGE PAYMENTS

        4.     OTHER MONTHLY OBLIGATIONS

                (Property taxes, utilities, maintenance and upkeep)