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The mortgage process — all mapped out

From Navigator Credit Union

Buying a home is one of life’s most exciting milestones. It’s also one of the biggest purchases you’ll ever make. Whether you’re buying for the first time or moving up to something bigger, this process comes with a lot of moving parts and some crucial financial decisions. Be sure you consider these one-time and ongoing expenses: 


Before you close on your home, you’ll want to have it thoroughly inspected by a professional. Your lender may even require it. For a few hundred dollars, an inspection can uncover potential trouble like structural problems or asbestos. If problems are found, you may need to pay another expert to provide an assessment. A good inspector also can tell you what to expect in terms of potential issues, such as an aging air-conditioning unit. 


Experts recommend setting aside 1 to 3 percent of the home’s purchase price for annual maintenance. You may need to buy lawn care equipment or replace the roof, dishwasher or water heater. 


Property taxes and homeowner’s insurance aren’t always included in mortgage payment calculators. Costs vary widely, depending on the value of your home and its location, but taxes and insurance together easily can total a few hundred dollars a month. 


Your lender should give you a detailed estimate of closing costs. But beyond those, you may have to pay additional expenses, such as a prorated portion of property taxes or homeowners’ association fees that the seller already has paid. 


Whether you hire professional movers for a few thousand dollars or rent a truck, buy boxes and recruit friends to help, moving costs money. 


You may have to pay utility connection fees when you move in, plus utility costs may be higher than you were used to as a renter. You’ll probably want to replace the locks on all the doors. And you may need new window coverings, rugs and furniture. 

Contact a Navigator mortgage professional by calling (800) 344-3281, option #5; emailing; or visiting 

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