{"id":7884,"date":"2022-10-31T10:00:29","date_gmt":"2022-10-31T10:00:29","guid":{"rendered":"https:\/\/thezakariagroup.com\/taking-the-fear-out-of-saving-for-a-home\/"},"modified":"2022-10-31T10:00:29","modified_gmt":"2022-10-31T10:00:29","slug":"taking-the-fear-out-of-saving-for-a-home","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/taking-the-fear-out-of-saving-for-a-home\/","title":{"rendered":"Taking the Fear out of Saving for a Home"},"content":{"rendered":"
\n

\"Taking<\/p>\n

If you\u2019re planning to buy a home<\/a>, knowing what to budget for and how to save may sound scary at first. But it doesn\u2019t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter.\u00a0 And to do that, turn to trusted real estate professionals<\/a>. They can help you plan your finances and prepare your budget.<\/span><\/p>\n

Here are just a few costs experts say you can expect.<\/p>\n

1. Down Payment<\/strong><\/h4>\n

Saving for your down payment<\/a> is likely top of mind as you set out to buy a home. But do you know how much you\u2019ll need to save? While each situation is different, there\u2019s a common misconception that putting 20% down toward your purchase is required. An article from the Mortgage Reports<\/em> explains<\/a> why that\u2019s not always the case:<\/p>\n

\n

\u201cThe idea that you have to put 20% down on a house is a myth. . . . The right amount depends on your current savings and your home buying goals.\u201d<\/strong><\/em><\/p>\n<\/blockquote>\n

To understand your options, partner with a trusted real estate professional to go over the various loan types, down payment assistance programs, and what each one requires.<\/p>\n

2. Closing Costs<\/strong><\/h4>\n

Make sure you also budget for closing costs<\/a>, which are a collection of fees and payments made to the various people involved in your transaction. Bankrate<\/em> explains<\/a>:<\/p>\n

\n

\u201cClosing costs are the fees you pay when finalizing a real estate transaction, whether you\u2019re refinancing a mortgage or buying a new home.<\/strong> These costs can amount to 2 to 5 percent of the mortgage so it\u2019s important to be financially prepared for this expense.\u201d<\/em><\/p>\n<\/blockquote>\n

The best way to understand what you\u2019ll need at the closing table is to work with a trusted lender. They can provide you with answers to the questions you might have.<\/p>\n

3. Earnest Money Deposit<\/strong><\/h4>\n

If you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD). An EMD is money you pay as a show of good faith when you make an offer on a house. According to realtor.com<\/em><\/a>, it\u2019s usually between 1% and 2% of the total home price.<\/p>\n

This deposit works like a credit. It\u2019s not an added expense \u2013 it\u2019s paying a portion of your costs upfront. You\u2019re using some of the money you already saved for your purchase to show the seller you\u2019re committed and serious about their house. Realtor.com <\/em>describes<\/a> how it works as part of your sale:<\/p>\n

\n

\u201cIt tells the real estate seller you\u2019re in earnest as a buyer,<\/strong> . . . . Assuming that all goes well and the buyer\u2019s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just paying more of the down payment and closing costs upfront.\u201d<\/em><\/p>\n<\/blockquote>\n

Keep in mind, an EMD isn\u2019t required, and it doesn\u2019t guarantee your offer will be accepted. It\u2019s important to work with a real estate advisor to understand what\u2019s best for your situation and any specific requirements in your area. They\u2019ll help you determine what moves you should make in the homebuying process to have the greatest success.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Budgeting for your home purchase doesn\u2019t have to be scary. Let\u2019s connect so you\u2019ll have an expert on your side to answer any questions you have along the way.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn\u2019t have to be. One way to take the fear out of budgeting is understanding some of the costs you might encounter.\u00a0 And to do that, turn to trusted real estate professionals. 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