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So, you are ready to buy a new home, but you are not sure of where to start. 

While it can be an overwhelming process, there are many steps on your journey. 

The first steps are preparing financially to buy a home. You will need to start saving money. There are some costs involved with a home purchase.


Your lender will require a downpayment to secure a home loan. 

Your downpayment requirement will depend on the type of mortgage you qualify for and the type of loan product your lender can offer. 

Some conventional loans are offered with low interest rates to first time home buyers with excellent credit. Allotting a specific amount of money to save from each paycheck will help towards that goal. 

After speaking with a lender, you will know how much you qualify to buy, which will determine the amount of a downpayment.

Closing costs

Closing costs are the fees and expenses you will need to finalize your loan and purchase a new home. 

They range from 2 percent to 5 percent of the amount of the loan. 

Your lender will want you to prepay for the appraisal. 

Also, inspections are part of closing costs, including but not limited to a home inspection, pest inspection, and well and septic inspection. 

Your Realtor can help with choices of licensed inspectors and advise you on the type of inspections to consider.

Move-In expenses

You will also need cash after you close on your new home. 

You may need to have your new home professionally cleaned or buy cleaning supplies. Repainting the home, installing new flooring, and changing countertops are sometimes done immediately before moving in. 

Small repairs may be needed. 

You may want appliances upgraded. 

Maybe new furnishings. 

Also deposits for utilities, changing services you need; all of these require cash. 

And if you do not have help, the costs of hiring a moving company could be involved. 

Carefully researching what you will need to complete your move will help you determine how much money you need to save.

Preparing for buying a home is the first step on your journey. 

And the first part of that is to save money for the expenses you will incur. 

Ellen L. Heaton

Owner/Broker in Charge

Heaton Real Estate, Inc.

307  Long Circle

Roanoke Rapids, NC 27870

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