07/06/2023
Homeownership can be very rewarding, but it's important to remember the responsibilities that come with it.
As a homeowner, you'll be responsible for:
1. 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.
2. 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.
3. 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.