TheStreet’s Post

So, you’ve decided to stop renting an apartment and taken a large dip into your life savings for the 20% down payment on a new home. You’ll be stuck with a mortgage that’s taking up a third of your take-home pay, but your real estate agent has assured you that your new home is an investment that will grow in value over time, citing the adage, “location, location, location.” One thing your agent may have failed to mention, however, is that your monthly mortgage payment is just one of the ongoing expenses you’ll need to contend with as a homeowner. Here are five other ongoing costs associated with owning a home that you should be aware of and budget for so that your plans don’t get upended by unexpected expenses.

There is a lot more to homeownership than the cost of your monthly mortgage payment. Like what? Let’s peel back the layers. Our latest blog post goes deep, looking beyond the mortgage and delving into the real cost of owning a home. Whether you're a first-timer or a seasoned homeowner, these insights are invaluable. Check out the post for all the details. ➡️ https://lnkd.in/gRDrB9qb

Planning for a mortgage is just the beginning. When purchasing a home you must consider all costs associated with home ownership.

Start your home story! Lenders Mortgage Insurance (LMI) is just one of the many ways home buyers are making their home ownership dream a reality. Read more: https://lnkd.in/d4qcwyem #Homebuyer #homeownership #firsthomebuyer #renter #LMI 

Remember - you can change the interest rate on your home by refinancing, but you can never go back and change the amount you paid for the property! 💰🏡 Lower rates bring more competition and more competition brings bidding wars, which can increase the sale price of a home. 📈 Buy your home at the price you want and let us track mortgage rates on your behalf so you can refinance when rates lower. 📉 #swbcmortgage #happiestwayhome *Refinancing an existing loan may result in higher total finance charges over the life of the loan. Debt consolidation does not pay off debt and may result in a higher long-term expense.

Remember - you can change the interest rate on your home by refinancing, but you can never go back and change the amount you paid for the property! 💰🏡 Lower rates bring more competition and more competition brings bidding wars, which can increase the sale price of a home. 📈 Buy your home at the price you want and let us track mortgage rates on your behalf so you can refinance when rates lower. 📉 #swbcmortgage #happiestwayhome *Refinancing an existing loan may result in higher total finance charges over the life of the loan. Debt consolidation does not pay off debt and may result in a higher long-term expense.

Besides principal and interest, your monthly mortgage statement includes payments towards an escrow account. What does this mean? How is the money used, and can it change your monthly payment? Here’s how your mortgage escrow account works.

Besides principal and interest, your monthly mortgage statement includes payments towards an escrow account. What does this mean? How is the money used, and can it change your monthly payment? Here’s how your mortgage escrow account works.

Besides principal and interest, your monthly mortgage statement includes payments towards an escrow account. What does this mean? How is the money used, and can it change your monthly payment? Here’s how your mortgage escrow account works.

Besides principal and interest, your monthly mortgage statement includes payments towards an escrow account. What does this mean? How is the money used, and can it change your monthly payment? Here’s how your mortgage escrow account works.