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Real Estate
Reply to "Buying a home 101"
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[quote=Montana6]I would look at websites first. Get a general idea where you want to live, and, roughly, how much it may cost you. A few basics: 1) do you have all cash for a purchase? 2) If not(the likely answer), you will need financing, ie, a mortgage. Hopefully you have at least 10%, ideally more, of the purchase price. Financing will make up the difference. 3) Expect to spend anywhere from $5,000 to as high as maybe $12,000 in fees. What? Yup, buying and moving costs money: moving expenses, a lawyer to help you, and, closing costs, application fees, etc etc etc. 4) Hopefully you have a ballpark of what you can afford, and, are willing to pay. Get familiar w a mortgage calculator. You will need to pay for the principal, the interest, plus maybe PMI, plus escrow. That is your monthly amount you will need to write a check for. Hope that helped.[/quote]
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