Plan Past Closing to Get the Most Out of Your New Chicago Home

October 31, 2013

More costs to new Chicago home than mortgageWhen planning your next purchase of real estate in Chicago, you should carefully assess your mortgage plans to make sure you can not only afford the month-to-month costs of paying back the bank, but also the additional fees and costs of owning your own residence. You can learn more about how to calculate these costs into monthly payments in the Equifax Finance Blog article, “

How Much Can I Afford to Spend on a Mortgage?

Depending on how much debt you have, your lender will be looking for you to spent anywhere from 28 to 36 percent of your income on your mortgage – the higher number for those with less debt and higher credit – and that’s before the government, insurance agencies, and the home’s own needs come into play. Taxes are usually easy to anticipate and budget for, as they are a certain percentage on your assessed value, which may rise and fall depending on economic changes. Insurance is a different story, as its costs will vary from agency to agency, value of home, and the details on the policies you hold – so be sure to explore your options and get a few estimates before you settle on your price and monthly payment. Finally, the home itself has a laundry list of expenses that must be planned for, from homeowner’s association fees to landscaping. You may find that your best bet is to set money aside every month for them rather than wait for the costs to hit. Any way you look at it, there are a lot more costs to homeownership than just a mortgage payment, so you must be prepared!

To learn more about setting aside the right amount of money for homeownership, as well as other real estate tips, how to boost

credit ratings, budget for the future and more, explore the Equifax Finance Blog!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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