Deciding to purchase a home is exciting and a bit nerve-racking. It’s a big decision that can impact your life and finances for years to come. But it also provides the opportunity to improve your home life and build equity in the property.
One of the most common questions prospective buyers ask is, how much cash is needed upfront? While a first mortgage will handle most of your financing needs, it’s these initial costs that keep homeownership at bay for so many.
The following guide outlines the upfront and ongoing costs prospective homeowners should prepare to cover as they progress through the homebuying process.