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Financing Your Home >Your Financial Cushion
When you calculate how much you will need to purchase a home you will add up the down payment and closing costs. It is also a good idea to leave yourself with some financial cushion to cover the incidental expenses associated with moving.
First, you will have to pay the moving company unless you can find friends with strong backs who will help you. Then many buyers plan to do some work, such as painting, replacing carpet, or refinishing floors. If you are moving into a larger space, you may find yourself making some major furniture purchases within a few months of closing.
A financial cushion is important enough that some lenders require buyers to have an amount in the bank equivalent to two or three months mortgage payments. This is especially true for buyers who are putting less than ten percent down. Your real estate agent can give you guidance. A lot depends on your overall financial situation. If your mortgage is a relatively low percentage of your monthly income, you will be able to rebuild a comfortable amount of savings in a few months.
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Louise Warner
Louise Warner Realty
662 Deans Mill Road
W. Coxsackie, NY 12192
Office: 518-756-6893
Fax: 518-756-6836
LouiseWarner@NUMBER1EXPERT.com
Alternate Email: info@LouiseWarner.com
Serving Albany, Greene, & Columbia counties as well as the Hudson River Valley in Upper-State New York.
Extensive experience working with buyers, sellers, New construction, Rehab properties, Vacant land & Development.
Louise Warner Realty...Vision, Dedication, Experience!
  
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