Making Regular Payments

Mortgage

You will receive a coupon book from your lender to use with your monthly mortgage payments. Be prepared to make a payment at the beginning of every month.

Remember, you are paying mostly interest in the beginning so it is a wise idea to pay extra towards principal. This way you are building equity.

Insurance

Remember that you will have to make payments for your homeowner's insurance policy. The prices can vary significantly. Companies offer several types of discounts, but they don't offer the same discount or the same amount of discount in all states.

If you stay with the same insurer, you may receive special consideration. Several insurers will reduce their premiums if you stay with them for three to five years. You can also lower the cost of your premium if you raise your deductible.

Homeowner's Association

If the home you bought belongs to a Homeowner's Association, you will need to pay your homeowner association dues. The Homeowner's association is a formal legal entity created to maintain common areas and enforce deed restrictions.

Find out what the current dues are before you purchase a home. HOA dues can vary in price per month. This can be a monthly expense, or sometimes paid annually in advance.

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Becoming a Homeowner