The Hidden Costs of Homebuying: What Your Lender Won't Tell You

When you're buying your first home, everyone focuses on the big numbers: the down payment, the monthly mortgage payment, the interest rate. But what many first-time buyers don't realize is that these headline figures are just the tip of the iceberg.

The Real Cost Breakdown

1. Closing Costs (2-5% of Home Price)

These fees add up quickly and include:

2. Pre-Move-In Expenses

3. The First Month Reality Check

Your first month will likely include:

How to Prepare

The Bottom Line

A $400,000 home doesn't just cost $400,000. With closing costs, immediate expenses, and first-year maintenance, you could easily need an additional $25,000-40,000. Plan accordingly, and you'll enjoy your new home stress-free.

Remember: These costs vary by location and loan type. Always consult with your loan officer for personalized estimates.