Would-be homeowners have many financial considerations

Mortgage rates, home insurance rates and condo fees are some of the financial concerns facing prospective home buyers

Looking at the price tag for a new single-family home or condominium is just the first step in the home buying process.

With prospective buyers have more leverage in the current economy to negotiate on price, it's important to consider the other costs associated with owning a home.

For those who will be financing their purchase with a mortgage - the typical plan for most Americans - check out the latest data on interest rates.

According to a weekly update from Zillow.com, the 30-year fixed mortgage rate increased last week to 5.72 percent - it stood at 5.48 percent just one week earlier. Mortgage rates in Pennsylvania, New Jersey and Arizona were among the states showing the biggest weekly jump.

Home insurance is another consideration. Homeowners need to price out policies from home insurance providers and determine what level of coverage is best for them. People considering a move to a hurricane-prone area need to account for additional protection.

Discover how easy shopping can be. Get your free home insurance quotes now.

Posted: June 16, 2009

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