The Millstone Times October 2019

REAL ESTATE

Budgeting For Homeownership

Buying or selling your home is one of the biggest financial decisions of your life.

Budgeting is important when considering homeownership! You, as the owner, will need to be able to cover any sudden house-related expenses that come up in addition to your regular monthly expenses. When creat- ing your new monthly budget, remember to add the following new costs: • Property taxes and special assessments

• Home/hazard insurance • Property maintenance • Association and membership fees

(if applicable, for condominiums, townhomes and some developments) Some of the above listed fees will be included as part of your monthly mortgage payment, while others are not. Be sure to ask about how these fees are to be paid. CREDIT AND CREDIT HISTORY It’s no secret. Your credit history will affect your ability to obtain a mort- gage for your home purchase. Lenders want to see a record of how you borrowed, and when and how you repaid, money in the past. These money management habits are reflected in your FICO score. FICO scores range from 300 to 850 and lenders believe that borrowers with higher scores are more likely to repay their loan. Homebuyers should obtain a copy of their credit report by contacting: www.annualcreditreport.com

GERARD BALSAMO Sales Associate Cell: 917-716-8799 Office: 732-946-2200 realtorgerryb@gmail.com www.gerardbalsamo.com 65 E Main St, Holmdel, NJ

TRUSTWORTHY and DEPENDABLE. Allow me to put my expertise and professionalism to work for you. I always work hard to get results and earn rave reviews from my extremely satisfied clients. CALL NOW for a no cost, no nonsense, no obligation real estate consultation.

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