Use this video from the Consumer Financial Protection Bureau (CFPB) to help your clients understand all the costs involved with purchasing a home, including:
- the price of the home;
- mortgage costs; and
- taxes and property maintenance expenses.
You can review these costs with your client using a Buy vs. Rent Analysis to determine their financial readiness to buy a home. [See RPI Form 320-4]
Related articles:
California homebuyers think twice about high homeownership costs
Client Q&A: How do I determine how much home I can afford?
FARM: Tax breaks for first-time homeowners
