preparing for home ownership

Your Homeownership Responsibilities

Pride and security comes with homeownership. If you obtain a fixed mortgage, your monthly payment will be stable - no surprise increases like you may have experienced when renting. You'll also have more control over how things are decorated and kept up. But you'll also have increased responsibilities. Which of these costs are covered by the homeowner?

1. Homeowner's insurance and property tax.

2. Maintenance and repairs.

3. Utility bills for heating, cooling, and lighting the house.

All three answers are correct. As a homeowner, you'll be responsible for each of these costs. It's wise to determine how much you can comfortably afford to pay before ever purchasing a home.