Buying a home involves more than just the purchase price; financing is crucial.

• Mortgages: This is the most common way to finance a home. FNBO various mortgage options (fixed-rate, adjustable-rate) to fit different needs. Getting pre-approved helps you know what you can afford.
• Down payment: Typically 3-20% of the home's price, saved in a dedicated savings account. A larger down payment can mean lower monthly payments and less interest over time.
• Closing costs: These are fees associated with the mortgage and property transfer, often 2-5% of the loan amount.
• Ongoing costs: Beyond your mortgage, factor in property taxes, homeowners insurance, utilities, and maintenance.

Talk to a mortgage specialist to understand your options and get pre-qualified.

Whether it's your primary residence or a second home, financial planning is essential.

• Selling a home: Factor in selling costs like real estate agent commissions, closing costs, and potential repairs. Understand potential capital gains tax implications.
• Vacation/investment properties: Financing a second home or rental property often involves different loan requirements and down payments than a primary residence.
• Budgeting for multiple properties: Managing expenses for multiple properties (mortgages, taxes, insurance, maintenance) requires careful financial planning. A financial advisor can help integrate these into your overall wealth strategy.

Deciding between renting and buying involves more than just monthly payments; it's a big financial commitment.

• Renting: Offers flexibility and fewer upfront costs (security deposit, first/last month's rent). Your monthly payments cover housing, but don't build equity. Great for short-term plans or if you prefer less responsibility for maintenance.
• Buying: Requires significant upfront costs (down payment, closing costs) but builds equity over time, which can increase your net worth. You're responsible for maintenance, taxes, and insurance. Ideal for long-term residency and potential wealth building.

Moving can be expensive, whether you're relocating for a job or just downsizing. Planning helps manage the costs.

• Moving budget: Create a budget for moving expenses, including movers, packing supplies, utility setup fees, and new furnishings.
• Temporary living costs: Factor in any temporary housing or increased dining out expenses during the transition.
• Emergency savings: Ensure your emergency savings account is well-funded to cover unexpected moving costs or delays.