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When you calculate how much you will need to purchase a home you will add up the down payment and closing costs. It is also a good idea to leave yourself with some financial cushion to cover the incidental expenses associated with moving.
First, you will have to pay the moving company unless you can find friends with strong backs who will help you. Then many buyers plan to do some work, such as painting, replacing carpet, or refinishing floors. If you are moving into a larger space, you may find yourself making some major furniture purchases within a few months of closing.
A financial cushion is important enough that some lenders require buyers to have an amount in the bank equivalent to two or three months mortgage payments. This is especially true for buyers who are putting less than ten percent down. Your real estate agent can give you guidance. A lot depends on your overall financial situation. If your mortgage is a relatively low percentage of your monthly income, you will be able to rebuild a comfortable amount of savings in a few months.
Who is "Fannie Mae" and why is she a big name in real estate?
A
"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders.
Bill and Debbie Nelson, CRS and GRI Bill & Debbie Nelson and Marsha Dorris Weichert, Realtors - Lake Realty 6268 S. Kings Ranch Rd., Suite #12 Gold Canyon, AZ 85118 602-300-2777 602-686-6989 480-213-7275 Fax: 480-452-0938 Email: movetogoldcanyon@NUMBER1EXPERT.com
The Bill and Debbie Nelson Team - a Priceless Combination in Gold Canyon, Apache Junction and East Valley real estate. Bill & Debbie Nelson and Marsha Dorris find few things more rewarding than helping people connect with their dreams. Whether you�re looking to buy or sell a permanent residence or a vacation home, your move is sure to be a rewarding experience with these seasoned professionals by your side.
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