Financial Literacy and Real Estate

Looking to buy a home? Are you ready? Are your finances ready?

Being a financially literate consumer isn’t just about saving for a down payment and qualifying for a mortgage. There are other costs to consider when looking to buy a home and when owning a home.

Beyond the down payment, other costs that are commonly forgotten in the home-buying process include:
a deposit at the time of the offer
mortgage interest payable at closing
home inspection fees
real estate appraisal fees
closing costs (e.g. lawyer fees, title insurance, property tax adjustments)
moving costs

Costs that should be considered before owning a property include:
mortgage payments
property taxes
condo fees (where applicable)
repairs and upkeep
furnishings and decor