{"id":235017,"date":"2025-09-04T09:46:09","date_gmt":"2025-09-04T09:46:09","guid":{"rendered":"https:\/\/evertise.net\/?p=124979"},"modified":"2025-09-04T09:46:09","modified_gmt":"2025-09-04T09:46:09","slug":"10-things-you-didnt-know-about-buying-a-home","status":"publish","type":"post","link":"http:\/\/ipsnews.net\/business\/2025\/09\/04\/10-things-you-didnt-know-about-buying-a-home\/","title":{"rendered":"10 Things You Didn\u2019t Know About Buying a Home"},"content":{"rendered":"

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Thinking about buying your first home but unsure what to expect? These lesser-known tips and tricks can help you feel more emotionally and financially prepared for what lies ahead.<\/span>\u00a0<\/span><\/p>\n

1-You don\u2019t always need a 20% down payment.<\/span><\/b>\u00a0<\/span><\/p>\n

Many first-time buyers still believe they need to put down 20% of the home\u2019s value to qualify for a <\/span>home loan<\/span><\/a>. But the minimum requirement for a conventional mortgage \u2013 the kind that isn\u2019t backed by the federal government \u2013 only requires as little as 3% down for qualified buyers.<\/span>\u00a0<\/span><\/p>\n

And that\u2019s not the only option. Most government-backed loan programs<\/span> allow for low or zero down payments for eligible buyers.<\/span> Meet with a lender early in the process to understand what loan types you qualify for and how much home you can afford.<\/span>\u00a0<\/span><\/p>\n

2-You might qualify for down payment assistance.<\/span><\/b>\u00a0<\/span><\/p>\n

Whether you’re aiming for a down payment of 3% or 20%, the amount of money can be difficult to imagine \u2013 let alone save. Luckily, many state and local programs offer down payment assistance to first-time homebuyers. These programs may have income limits, residency and occupancy requirements, and other criteria, but they\u2019re worth a look. <\/span>They could save you thousands if you qualify.<\/span>\u00a0<\/span><\/p>\n

3-Your monthly payment includes more than your mortgage.<\/span><\/b>\u00a0<\/span><\/p>\n

You probably expect your mortgage payment to cover the amount you borrowed and the interest. However, it may also include property taxes and home insurance premiums. Lenders often collect these payments in an escrow account and pay them on your behalf.<\/span>\u00a0<\/span><\/p>\n

That\u2019s important to know because taxes and insurance costs can increase over time. So, even with a fixed-rate mortgage, your monthly payment could still go up. A <\/span>mortgage calculator that factors in these costs can give you<\/span> a better estimate of your monthly payment.<\/span>\u00a0<\/span><\/p>\n

4-Closing costs can catch you off guard.<\/span><\/b>\u00a0<\/span><\/p>\n

Closing costs are sometimes a surprise for homebuyers. These fees are due the day you sign the final papers and include costs like:<\/span>\u00a0<\/span><\/p>\n