Another important step in the buying process is securing the financing to purchase your new home. By pre-qualifying for your home loan, you've established your budget which can save an enormous amount of time. There's nothing worse than spending valuable time going to open houses and scheduling showings if you learn that the properties you're interested in are financially out of your league. There are financing solutions for every budget, including Adjustable Rate Mortgages (ARMs), 15 and 30 year fixed mortgages, and government programs such as Fannie Mae.

While considering your budget options, keep these questions in mind:

• Vehicle storage
  • How much am I willing to pay, on a monthly basis, for parking my vehicle? Will I be renting or purchasing this space?

• Monthly Assessment Fees
  • What amount of my budget can I afford to spend on any monthly assessment fees?

• Other Expenses that may affect your budget
  • Taxes: Discuss with your agent what approximate taxes will be due at time of close and previous year's tax amounts.
  
  
  • Closing Costs: Don't confuse closing costs with the taxes due at close. Closing costs are the fees assosciated with the property transaction's closing and you should not assume that taxes due at close and actual closing costs are figured into each other for a lump sum; they are two specifically different amounts.
  
  
  • Utilities: Get reports from the appropriate utility companies to determine historical utility usage and monthly costs.
  
  
  • Insurances: Make it a point to have a detailed conversation with your Agent regarding insurance types and approximate costs for appropriate coverage. Also, consider Flood Insurance. A vast majority of Homeowner's Insurance policies do not cover any kind of flood damage. If your property is in or near a flood plain, the additional cost of Flood Insurance may be negligible compared to the piece of mind it can offer. Whatever your case is, protect your property from life's unforeseen mishaps and get the best insurance you can afford!