Budgeting to Buy a Home

Lessons Covered

  • Saving for a Down Payment Planner
  • Saving for a Down Payment (Game)
  • Figuring Out a Home Purchase Budget
  • First-Time Home Buyer Perks
  • How Do Down Payments Work?
  • How Do Mortgages Work?

Saving Tips for First-Time Homebuyers

Buying a house requires so much more than simply meeting the seller's asking price. Expenses like realtor fees, appraisal and home inspection costs, and lender and escrow charges increase the savings you'll need before moving in. Need to develop a home-buying budget that accounts for all these details and more? FinancialFit is here to teach you how.

Creating a Budget for Buying a House

Saving for a home can be a lengthy and difficult process. In most cases, the generalized plans you find online don't work for all home buyers. At FinancialFit, we offer suggestions to help you create your own tailor-made budget that accommodates your unique needs. Our lessons guide you on how to set up a savings plan that will cover your home-buying expenses, no matter your starting point.

Our home-buying budgeting lesson shows you how to analyze your monthly income and determine how much house you can afford. From there, our Down Payment Planner will help you calculate the amount you'll need to pay upfront when purchasing your new house. We'll also show you how to account for these monthly payments when developing your budget.

Tips for Saving for a Home

Along with a selection of lessons and educational games, the FinancialFit lessons provide tips and suggestions on:

  • Getting pre-approved for a home loan
  • First-time home buyer perks like grants, tax credits, and down payment assistance
  • Factoring homeowner's insurance, appraisal fees, and closing costs into your home-buying budget
  • Accounting for last-minute expenses such as maintenance, repairs, and even furniture for your new house