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Preparing To Become A Homeowner

Have you decided it’s time to become a homeowner? Then you’ve come to the right place. Newton Federal is dedicated to helping our clients along their financial journey, regardless of what stage they’re at. Whether it’s opening a business or personal account, or securing a loan across a number of different categories, we can provide guidance and resources.

Read on to learn more about what goes into homeownership. Also, be sure to browse our extensive archive of educational articles aimed at keeping our audience informed. For more questions, contact us today by scheduling a consultation via our contact page.

Primary Homeownership Considerations

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Down Payment

There are few things right off the bat to keep in mind as you approach becoming a homeowner. First, know that you’ll likely have to handle some upfront costs and fees before proceeding further. There’s your down payment, or the amount you put upfront for the home’s value. This can be upwards of 20% of the value of the home.

Then there are fees associated with closing, as well any inspection costs. You’ll want the home thoroughly inspected inside and out prior to moving forward. This ensures its integrity, and plays a huge role in the decision making process.

Recurring Fees to Consider

Keep in mind that beyond these upfront costs, there will also be recurring debits once you settle on a home. There’s your mortgage payments, and any applicable interest rates to observe. Then there’s upkeep, which, depending on the issue, can become costly in no time at all.

Also, if you plan to have electricity, running water, and more, be prepared to cover your monthly utility bill. Last but not least, there are your average HOA fees (Homeowners Association). Most of these will be determined by the value of the home. If it’s a larger nicer home, prepare to pay out equivalent dividends.

To Rent Or Buy?

There are few things right off the bat to keep in mind as you approach becoming a homeowner. First, know that you’ll likely have to handle some upfront costs and fees before proceeding further. There’s your down payment, or the amount you put upfront for the home’s value. This can be upwards of 20% of the value of the home.

Then there are fees associated with closing, as well any inspection costs. You’ll want the home thoroughly inspected inside and out prior to moving forward. This ensures its integrity, and plays a huge role in the decision making process.

Banking with Newton Federal

Also, keep in mind that there are no finish lines here. Your business plan is a tool to support you through the marathon of owning a business. It will need constant revisiting and possible tweaks. But in the end, the effort will show in your brand's sustained growth.

Have business banking needs that aren't being met? That's where Newton Federal comes in. We offer various business accounts, as well banking tools to help ease the demands of being a business owner. Contact us today; our bankers are on hand to see to it that you get the support you need.

Serving The Banking Community Since 1928.