
I highly recommend Elaine Sawyer & Jim Fitzgerald! I hope I can put into words an excellent broker compared to a bad broker. Sincerely, Amelia Roffenella Read Quote > View All Quotes >
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Elaine Sawyer and Jim Fitzgerald
are some of The Top Selling Real Estate Experts Find Out More > |
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Open Houses
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Sunday, August 1st - 12:00-1:30 pm 15 Stone Street, Unit 1, Beverly, MA |
Sunday August 1st - 1:00-3:00 pm 21 Flying Cloud Lane, Salem, MA |
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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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| Q |
What Newport, Rhode Island mansion was built as a birthday present and incorporates 500,000 cubic feet of white marble?
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The Vanderbilt Marble House was constructed by railroad baron William K. Vanderbilt for his wife Alva, who later divorced him, remarried and moved into a mansion down the street. |
See More Real Estate Trivia > |
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