When deciding whether to buy a home, remember that a house is an investment. Your goal could be to eventually pay off the mortgage loan early to cut monthly payments, build equity to use in the future, or sell the house once its value increases. Whatever your motivation, choosing to become a homeowner should not be taken lightly. When calculating how much house they can afford, most people only focus on the down payment and monthly mortgage payments. Mortgage calculators found on real estate sites can be misleading because they only calculate principal and interest for your estimated payment. But other expenses, like homeowners insurance and property taxes, may also be added to your monthly mortgage payment amount. Let’s review a few more bills to think about when deciding whether buying a home is right for you. Homeowners Insurance Homeowner insurance varies…
How Much Home Can You Afford?
When deciding whether to buy a home, remember that a house is an investment. Your goal could be to eventually pay off the mortgage loan early to cut monthly payments, build equity to use in the future, or sell the house once its value increases. Whatever your motivation, choosing to become a homeowner should not be taken lightly. When calculating how much house they can afford, most people only focus on the down payment and monthly mortgage payments. Mortgage calculators found on real estate sites can be misleading because they only calculate principal and interest for your estimated payment. But other expenses, like homeowners insurance and property taxes, may also be added to your monthly mortgage payment amount. Let’s review a few more bills to think about when deciding whether buying a home is right for you. Homeowners Insurance Homeowner insurance varies…