Your Down Payment Isn’t Enough to Buy a House

One of the biggest misconceptions among first-time homebuyers is that the down payment is the only money you need to buy a home.

While you may qualify for a loan with as little as 3% or 5% down, you’ll also need to account for closing costs.

These can include:

• Appraisal fees
• Title and lender fees
• Homeowners insurance
• Prepaid taxes and escrow
• Other third-party costs

Know Your Numbers Before You Make an Offer

Don’t wait until you’re under contract to ask about closing costs.

Before making an offer, ask your lender for an estimated closing cost sheet so you know your potential cash-to-close and can budget accordingly.

If your lender hasn’t given you an estimated closing cost number before you’re even pre-approved, that’s a problem.

Buying a home isn't just about asking, “Can I afford the monthly payment?”

You also need to ask:

“How much cash do I actually need to close?”

Let Elevate Help You Plan Ahead

At Elevate Mortgage Group, we believe you should understand the numbers before you make an offer, not after you’re already under contract. Our team is here to help you understand your financing options, estimated closing costs, and what it actually takes to get to the closing table.

Ready to buy? Let’s get you prepared before you start shopping.

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