What an exciting time to be searching the galaxy for your new home, whether it’s your first home or you’re moving up into your dream home. But to avoid finding yourself in financial hot water like so many people have, take an honest look at the other monthly expenses you need to consider when purchasing a home.
Your mortgage payment will probably be your largest debt, and of course the payment on that hybrid Star Cruiser is included, but what about all the other 'little' debts that aren't counted in your qualifying ratios by the lender? Insurance, food, utilities, cell phone and cable bills, lifestyle expenses, etc.
There are some great resources to tap to help you determine how much house you really can afford and what your budget will realistically allow. You don’t want to find yourself house poor! This is NOT the way to buy a home!
Here is a simple monthly budget worksheet that can help you get started. Other excellent information can be found at the Mint.com, where you can set up a free account and keep track of everything you spend in one neat spot.
If you really need some help with getting your debt and spending under control, check out Dave Ramsey’s site and start on those baby steps to get your financial house in order before you start looking at homes. You owe this to yourself and your family, so resist going out cruising Open Houses next weekend until you have done your financial homework and know that buying a home either now, or in the near future is the right thing to do.
After really doing some research and soul searching, and that it just might be cheaper to buyyou might find that you are ready right now to look for home and that's it cheaper to buy than to rent!! If that’s the case, then this is one of the very best buying opportunities we have seen in over 40 years... houses are still on sale and interest rates are at the lowest they have been for almost 50 years. But... don’t get caught up in the emotions of looking at homes until you know you can financially handle it. And to do that, you need to really know your numbers.
For the best mortgage broker in the galaxy, call Elise Groves, at 707.546.0440 to find out just what you qualify for.
May the Force Be With You.
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