Top Highlights

• There’s probably no better way to find out what a certain neighborhood is like than talking to people who already live there.
• In addition to your monthly membership or maintenance assessments (which can themselves be several hundred dollars), you might have to pay additional fees called “special assessments.” These are one-time fees collected for major purchases the association can’t afford to make with its current reserves (for example, to replace the roof). Do your rese...
• A first-time homebuyer should plan to drop some cash for: •the down payment •the loan principal, loan interest, state and local taxes, and homeowners’ insurance •up-front costs, such as to conduct inspections and take other steps to close the deal, and •recurring ownership costs.
• Borrowers who take out mortgages for more than a certain amount ($484,350 in most places in 2019, but higher in expensive areas, such as Alaska and Hawaii—up to $726,525 in 2019) get what are called “jumbo” loans, with higher interest rates. If making a down payment will lower your loan to below that amount, your interest rate will probably drop, t...
• Withdrawal from your IRA. You can withdraw up to $10,000, penalty free, from an individual retirement account (IRA) to purchase (or build) your first home.