If you reach a point in your life where it sounds appealing to buy a house, you’ll quickly discover that this process is quite a bit more complicated than it might first appear on the surface.
Buying a home is a very involved process which has a number of important steps. It requires attention to detail, flexibility, persistence and realism.
There is a lot you’ll need to learn about the housing market, real estate agents and how they work, and yourself in order to complete the process. You must begin by looking at yourself and your own finances.
If you don’t own 20% or more equity in your home, you probably will be required to purchase mortgage insurance as part of the package. Mortgage insurance usually costs between 0.5% to 1.15% of the value of your full loan every year.
So if your loan for your home is $100,000 for example, the total due each year would be about $1,000. Per month that isn’t so bad (about $83.33).