I'm a first time homebuyer. What should I...

[soldiergf]

...expect at the end of my first year of home ownership? As a first-time home owner, I am not sure of what to expect at the end of this year. Will I recieve tax bills? water bills? I know the taxes were included in the closing, but I am not sure how much it covered. Are there any other expenses that I will have to cover at the end of the year? Any help you can give would be great! Thank you!

[Tara R]

Congratulations on your new home!!!! Depending on how you set up your mortgage will depend on whether you will have additional expenses/taxes. I have my mortgage set up where I pay my taxes and insurance with my mortgage on a monthly basis. The bank holds that money in an escrow account and pays the taxes and insurance when it is due. If you did not set it up this way, you will have to pay your taxes yourself. Ask your real estate agent what the taxes are and review your mortgage loan document. On a better note....you will be able to write off your mortgage interest on your tax returns. Hopefully you will get a big refund!!!!