Buying a home for the first tie is exciting for anybody who's been renting and tired of throwing their hard-earned money into an apartment lease. At the same time, however, buying a home is a pretty large financial feat for most people. There are so many financial considerations to keep in mind and plan for before one should even begin touring homes for sale Hanover area.
Down Payment
One of the most important aspects of planning financially for a new home purchase (especially a first-time home purchase) is that of the down payment. This is the percentage of the home's 
total sale price that will be paid up-front. The larger the down payment, the less money needs to be financed and the more equity the homeowners will have right off the bat.
total sale price that will be paid up-front. The larger the down payment, the less money needs to be financed and the more equity the homeowners will have right off the bat.
Generally, a down payment can range anywhere between 3.5% and 20% of the total home cost. Those who don't have a lot of money saved for a down payment are probably best with an FHA loan; if they qualify, buyers can pay just a 3.5% down payment and may even receive down payment assistance.
Closing Costs
In addition to saving up for a down payment, buyers may also need to have money set aside for closing costs; these are the expenses related to actually buying the home and having the title 
transferred into one's own name. Since there's a lot involved in all of this, closing costs can be quite high—sometimes tacking on an additional $5,000 to $10,000 onto the total sale of the home.
transferred into one's own name. Since there's a lot involved in all of this, closing costs can be quite high—sometimes tacking on an additional $5,000 to $10,000 onto the total sale of the home.
Fortunately, with the right negotiations, it may be possible to convince a home seller into covering the closing costs. This isn't a guarantee, however.
Additional Monthly Expenses
Finally, there are some additional monthly expenses that buyers will incur when they're homeowners that they likely didn't have to worry about as renters. This includes homeowners 
insurance, utilities, and perhaps mortgage insurance; the latter is a form of insurance that buyers are typically required to carry until they have a certain percent of equity in the home. These expenses can add up significantly, so it's important for buyers to plan accordingly.
insurance, utilities, and perhaps mortgage insurance; the latter is a form of insurance that buyers are typically required to carry until they have a certain percent of equity in the home. These expenses can add up significantly, so it's important for buyers to plan accordingly.
Buying a home and owning a home are very expensive endeavors, but many find that they're more than worth it. By following these tips and shopping around for different mortgages Hanover, it's possible to make the right decisions.
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