If you don't, you could feel the financial sting for years, he said. Kevin Quinn, senior vice president of retail lending with First Internet Bank, said that it's important to determine early in the buying process just how much home you can afford. And with this research, you’ll increase your odds of ending up with a monthly mortgage payment that you can comfortably afford. And the pressure of making that high mortgage payment each month might make you hate that home you were once so eager to buy.įortunately, with just a bit of research into your finances you can avoid overspending on a home. Your three-digit credit score might plummet when you can’t afford to pay each of these bills by their due dates. You might struggle to sleep while worrying about paying your bills each month. But if your overall monthly payment, including taxes and insurance, is still too high, that lower interest rate won’t matter. You might have landed what you think is a low mortgage interest rate. That’s when the cost of owning your home, including making your monthly mortgage payments, is so high that paying to live in your residence becomes a financial burden.įinancial experts say that spending too much on a home can negatively impact your entire life. But buying one that is too expensive, and requires too large of a monthly mortgage payment, can quickly turn that joy into a financial nightmare.
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