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A consumer needs to Understanding the full cost of home ownership. There are a lot of variables to consider like HOA fees, Home Owner insurance, Property taxes, Principal interest tax insurance, not knowing the whole payment.
You need to be prepared for the curve balls that could happen like property taxes going up, home owner's insurance may rise, HOA dues get overlooked.
There are a lot of online mortgage lenders that give inaccurate information which could be misleading for a lot of home buyers. Andrew suggests to talk to a local mortgage lender like Waterstone Mortgage that can give you expert advice and you can get the full scope of payments instead of relying on an online calculator.
You should also know what your home owner tax benefits. Mortgage interest and property taxes are deductable when you file for income tax returns and for a lot of people, this could reduce their taxable income.
Study rent vs buy math. Also factor in the potential appreciation and depreciation of the home value when looking at the benefits of home ownership.
Other factors to look at are the home owner insurance and your credit score which could also greatly impact your finances.
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