It’s completely normal to have some hesitation when you start thinking about home ownership. The purchase of a home is the largest financial decision most people will ever make and it would be unnatural not to have some concerns!
For more than 25 years HomeBridge has led the way in simplifying the mortgage process in order to help people finance the American Dream of home ownership.
The following are a few questions we’ve heard from hesitant home buyers and ones that you should ask yourself if you’re wondering if buying a home in the next couple of years is the right move for you.
How long have you been paying rent?
A better question could be ‘for how much longer do you want to pay someone else’s mortgage?’ because that’s essentially what you’re doing when you rent.
When you purchase a home, you are becoming your own landlord and you’re paying yourself rent each month. If you decide to sell your home, the profits should become yours. If your landlord sells a home rented to you, they receive the profits. It’s really that simple.
What if I can’t make my payments?
This is an incredibly important question to ask yourself and a very understandable one as well. Ask yourself this question first though: Have you ever missed a rent payment for a reason other than you simply forgot to drop off the check?
For many buyers, their monthly mortgage payment is close to what they were paying in rent already, not factoring in the tax incentive they may receive at the end of the year and the equity they are building with each payment. If you’ve been responsibly paying your rent for years, what is to stop you from responsibly paying your mortgage?
How Much Home Can I Afford?
Another great question that we hear a lot. To start, use a mortgage calculator to get a ballpark estimate, like the one we have online here. This is a loose estimate, but it can act as a great starting point in determining what you can afford. The next step, even before you start looking at homes, should be scheduling a meeting with a mortgage loan originator, either in person or over the phone, for a consultation and no obligation click here.
The path to home ownership can be an exciting and enjoyable one if you follow the right steps! If you’d like to discuss those steps, you can call my office or send me an email to schedule an appointment.
About the author:
Joel Van Ash is an MLO in the Johns Creek office of HomeBridge Financial Services, Inc. one of the largest, independent mortgage lenders in the U.S. Appointments with Joel or someone from his team can be made by calling (770) 634-9079, sending an email to firstname.lastname@example.org or by going online here.