Owning a home offers you the freedom to paint your walls any color of the rainbow, get a pet or renovate your kitchen. It also comes with many new responsibilities and financial commitments that require your attention.
As a homeowner, you'll be responsible for:
Your mortgage payment. The Promissory Note you signed at closing is a legal agreement between you and the lender in which you commit to making your mortgage payments in full and on time each month.
Home repairs and maintenance costs. You'll need to protect your asset by building a savings plan for home repairs and life's unexpected emergencies.
Other housing-related costs. You’ll need to budget for additional items such as Homeowner Association dues, PMI, property taxes and homeowners insurance, as applicable.
Why it's important to pay your mortgage on time:
