On this Month's Cover:
1925 Adirondack Ct.
$289,900
MLS#: 98347

Presented by:
Tom Kuhn
Coldwell Banker United

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Picking a Price Range
By SumterHomeGuide.com

There are many things you need to consider when you are deciding what price range to look at. When you decide to purchase a home, you accept responsibility for paying these expenses. These costs are not included in your monthly mortgage payment but should be part of your budget estimates. They include property taxes, insurance, utilities, and maintenance to just list a few.

While most home buyers rely on a mortgage to purchase their home, almost no mortgage will cover the entire purchase price. Buyers must use their own funds to make an initial payment, known as a downpayment, on the home they are buying. Lenders believe that buyers who contribute their own funds to the purchase of a home represent a better overall credit risk.

Be very careful and realistic. Ask yourself, “What can I afford to buy?” What are your normal monthly expenses and what kind of mortgage payment could comfortably fit into your budget? Make sure you leave enough money for closing costs, emergencies or other expenses. Just because you are approved by a lender for a certain ammount does not mean you should go that high.