You have several financial considerations to remember when buying a home in Oregon. You must do just as much research on hidden costs as you do common costs, such as the down payment and mortgage fees.

According to Business Insider, overlooked home-buying costs can add up faster than you think. Learn what these costs are so you can cultivate a proper home-buying budget that accounts for every expense.

Homeowners association fee

Do you have your eye on buying a condo? If so, ask about homeowners association fees. These pay for elevators, landscaping, pools, lobbies and patios. Further, ask when HOA fees are due and how your building uses the fees.

Maintenance

Depending on the current condition of the property you wish to buy, you may need to pay for maintenance either before you move in or soon after. Make a list of all maintenance projects the home needs, then obtain an estimate of how much each job costs.

Closing costs

Often one of the most overlooked costs involved with buying a home, closing costs typically total roughly 2.5% of the residential property’s total cost.

Mortgage interest

Even if you have yet to secure a home loan, factor in interest for your mortgage. The total amount you pay depends on your credit score, occupation and down payment, but annual interest rates for mortgages total anywhere from 3% to 5%.

Private mortgage insurance

If you cannot make a down payment of at least 20% for a home, expect to have to secure private mortgage insurance. A PMI policy runs from 0.3% to 1.5% of your mortgage, but the final percentage depends on your credit and down payment amount.

Hidden home-buying fees can set your plans and finances back considerably. Do not let a lack of information keep you from becoming a happy homeowner.