Page 112 - South Mississippi Living - March, 2019

HOME & GARDEN home buying journey
The Mortgage Process All Mapped Out
stories courtesy of Navigator Credit Union
Buying a home is one of life’s most exciting milestones. It’s also one of the biggest purchases you’ll ever make. Whether you’re buying for the first time or moving up to something bigger, this process comes with a lot of moving parts and some crucial financial decisions. Navigator Credit Union is committed to helping you navigate home and avoid unpleasant surprises. Be sure you consider these one-time and ongoing expenses.
HOME INSPECTION
Before you close on your home, you’ll want to have it thoroughly inspected by a professional. Your lender may even require it. For a few hundred dollars, an inspection can uncover potential trouble such as structural problems or asbestos. If problems are found, you may need
to pay another expert to provide an assessment. A good inspector can also tell you what to expect in terms of potential issues, such as an aging AC unit.
HOME MAINTENANCE
Experts recommend setting
aside one to three percent of the home’s purchase price for annual maintenance. You may need to buy lawn care equipment or replace the roof, dishwasher or water heater.
TAXES AND INSURANCE
Property taxes and homeowner’s insurance aren’t always
included in mortgage payment calculations. Costs vary
widely, depending on the value of your home and its location, but taxes and insurance together can easily total a few hundred dollars a
month.
EXTRA CASH AT CLOSING
Your lender should give you a detailed estimate of closing costs. But beyond those, you may have to pay additional expenses, such as a prorated portion of property taxes or homeowners association fees that the seller has already paid.
THE MOVE
Whether you hire professional movers for a few thousand dollars or rent a truck, buy boxes and recruit friends to help, moving costs money.
SETTLING IN
You may have to pay utility connection fees when you move in, plus utility costs may be higher than you were
used to
as a renter. You’ll probably want to replace the locks on all the doors. And you may need new window coverings, rugs and furniture.
FIND THE RIGHT MORTGAGE
The experienced mortgage specialists at Navigator Credit Union can help you understand the true cost of home ownership. We’ll help you find the right mortgage for your circumstances. Contact a Navigator mortgage professional by calling 800.344.3281, option #5; emailing mortgage@ navigatorcu.org; or visiting navigatorcu.org.
112 SOUTH MISSISSIPPI Living • March 2019
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