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Buying a home is one of the biggest financial steps you will ever take, and the right budget can make all the difference. At Kalamazoo Mortgage, a veteran-owned lender dedicated to helping Michigan families achieve their dreams, we have outlined five key budgeting strategies to help you prepare for homeownership with confidence.
Before you start house hunting, it is important to know what you can afford. Use online calculators to estimate your monthly mortgage payment based on the home price, down payment, and interest rate. Getting pre-qualified with Kalamazoo Mortgage gives you a clearer picture of your budget and helps you shop smarter.
These expenses can quickly add up, so make sure they are included in your monthly budget. A general rule of thumb is to allocate about 25 percent of your mortgage payment toward taxes and insurance. Learn more about affordable FHA Loans for first-time buyers and how they can make budgeting easier.
Owning a home comes with ongoing responsibilities. Experts recommend saving 1 to 3 percent of your home’s purchase price annually for maintenance and repairs. Planning ahead helps protect your investment and keeps your home in top shape.
Unexpected expenses happen, whether it is a job change, medical bill, or sudden repair. Aim to have three to six months of living expenses set aside in your emergency fund to give yourself financial security.
If you are purchasing in a community with a Homeowners Association (HOA), be sure to include monthly dues in your budget. Do not forget utilities, which can vary depending on the home’s size and energy efficiency.
Getting pre-qualified for a mortgage is one of the best ways to strengthen your homebuying position. Here is why:
Start your journey today with a trusted, veteran-owned lender. Apply now with Kalamazoo Mortgage and see what is possible.
Kalamazoo Mortgage also offers Zero-Down Loan Programs, VA Loans, and is a Preferred Lender with Allen Edwin Homes, making us the go-to resource for Michigan buyers ready to take the next step.