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There is little information with respect to the fees that the buyer might face.
The Fannie Mae site also offers very little advice with respect to when to buy a home. From this, one can interpret that Fannie Mae's constituents do not view home ownership as an investment. The financial ramifications of home ownership, therefore, are less a concern since the home will be owned long-term. The underlying assumption appears to be that everybody should own a home, since no effort is taken to discuss the issue of when to buy.
The Freddie Mac site, in contrast, provides good advice to the house hunter. It begins with the assumption that you have spoken to a banker and know how much you can spend. Freddie Mac advises caution at that point. While the temptation is to go out and spend the money right away, this is not the right move. Instead, Freddie urges prospective buyers to buy when they find a home that meets their needs and remains in their budget. The site specifically cautions against buying too much home, or paying more than you can afford for it.
Freddie Mac also hints at the fees that can be a part of the home buying process. The ones listed by Freddie are homeowner association fees and maintenance and upgrades to the building or property. Freddie focuses on the practical nature of the decision, including...
The site does not expend much detail outlining other up-front fees, however.
Only the Motley Fool website, with its investor orientation, gives hints as to when the best time to buy a house is. While Freddie Mac provides some practical advice, that advice begins with the assumption that a house is going to be purchased. Fannie Mae also appears to have this outlook as well, and makes no effort to portray the home buying process as an investment.
These three sites, therefore, each take a different approach to the issue of when to buy a home. It is surprising, perhaps, that Fannie and Freddie do not provide any advice or insight into the issue. Home ownership, even if the home is intended to be the primary residence, is still an investment.
Considering the multitude of up front costs and fees that can accrue during the home buying process, it is downright shocking that none of these three sites provides any real insight into what fees may be expected and how much they might costs. Freddie Mac outlines some of the costs associated, but focuses more on after-purchase costs, while the Fool hints that costs can be high and should be factored into the investment decision. Overall, though, these three websites are weak on both issues.
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