When it comes to buying a home, there are many myths that can easily confuse first-time homebuyers. When thinking about homeownership costs, what do you think of first? The Mortgage! Right? While this is the main expense, it is not the only expense. This brings us to our first home buying myth: your only ongoing cost will be your mortgage.
Your monthly mortgage payment includes several components, such as principal, interest, taxes, and insurance. The principal is the amount you borrowed to buy the house, while the interest is the cost of borrowing the money from the lender. Property taxes and homeowners insurance are also included in your monthly payment.
In addition to these expenses, there can be other costs associated with owning a home, such as maintenance and repairs, HOA fees, and utilities. Overall, it’s essential to understand that the mortgage payment is just one part of the overall cost of owning a home. By factoring in all the associated expenses, you can make a more informed decision about whether buying a home is the right choice for you. Still have questions? Let us know in the comments below or reach out! We are happy to help.
