Explore the process and costs of buying a house in the US, the importance of practice in understanding native speakers, types of mortgages and down payments, the role of real estate agents, tips for better sleep with Sleep Number, and the expense and hidden fees of buying a home in Southern California.
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Quick takeaways
When buying a house in the US, most people need a mortgage, which can be a conventional loan or a government-backed loan with a lower down payment.
Owning a home in the US incurs additional costs such as property tax, homeowners insurance, HOA fees, and maintenance expenses.
Deep dives
Types of Mortgages and Down Payment
When buying a house in the US, most people need a mortgage, which is a loan specifically for houses. There are conventional mortgages, which are ordinary loans, and government-backed loans, where the government ensures the loan. The down payment, the upfront money needed to buy a house, is usually 20%, but it can be less. However, if you put less than 20% down, you may have to pay mortgage insurance.
Fixed Rate vs Adjustable Rate Mortgages
The most common mortgage type in the US is a 30-year fixed mortgage, where the interest rate remains constant for the entire loan period. Alternatively, there are adjustable rate mortgages, where the interest rate can change over time. Getting pre-approved for a mortgage is a crucial step in the home buying process, and working with a real estate agent can be beneficial for navigating the local housing market and negotiating the purchase.
Hidden Fees and Costs of Home Ownership
Besides the purchase price, owning a home in the US incurs additional costs. Property tax is paid for owning a property, and homeowners insurance covers damages to the property and its belongings. Some properties are part of a homeowners association (HOA) that enforces rules and collects fees for maintenance and amenities. Homeowners also need to consider the expenses of repairs, landscaping, and other maintenance tasks.
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