Saturday, November 16, 2019 / by Jessica Nager
Making the decision to buy a house is exciting, and your emotions will be running high as you embark on this new journey. But before you get carried away searching online for properties, you’ll need to answer an important question: how much should I spend on a house?
Determining a price range you’re comfortable with is the most important part of the home buying process—and should be the deciding factor in the types of properties you search for. You’ll be committing to a monthly payment, so you need to decide what you can comfortably afford based on a monthly housing budget. A loan preapproval shouldn’t dictate the intended purchase price of your new home, since the preapproval letter doesn’t break down what you’re recurring payments will be.
How much you’re able to spend on a house should be based solely on the number of total housing expenses you can afford per month. Your monthly mortgage pay; ...
Monday, October 21, 2019 / by Jessica Nager
First and foremost, the purchase of your first home should be treated as an investment. Making memories and growing a family are all great perks of home ownership, but If you don’t view your house as a financial investment, then you’re not ready to buy. There’s no other way you should be looking at it if you want to make a good financial decision.
Now that we have our groundwork established, let’s get to our 3 reasons why Gary and Grant got it wrong.
Reason #1: Buying A Home Doesn’t Necessarily Require A Large Capital Payment
Our gurus don’t believe in tying up capital in a large down payment, which is understandable. The facts are, though, that the days of having to put down 10-20% are long gone! Buyers in 2019 have more options today than they’ve ever had before.
There are a variety of ways you can minimize or eliminate tying up huge amounts of your cash, su; ...