Home ownership comes with certain responsibilities. First and foremost is your responsibility to make your mortgage payments. In addition to your mortgage, you’ll need to have money for the cost of moving into your new home, making any necessary repairs, paying property taxes, hazard insurance, and association dues (if applicable), as well as for regular maintenance of the property.
It’s possible that these expenses will amount to more than you are currently paying in rent, although not always. If home ownership is your goal, you may need to alter your personal spending habits in order to afford a home of your own.
We can help calculate whether or not it’s the right time to become a homeowner. A number of factors need to be considered, including down payment, closing costs, monthly mortgage payment, taxes, and insurance, as well as other related costs of home ownership.
In addition to helping you determine whether or not you can afford to become a homeowner, we will help decide approximately how large a mortgage you can qualify for. This process is called “pre-qualification.” We may also be able to get you “pre-approved.” That means actual lender approval for a specific loan amount.
We can also help you by offering available alternatives and options to overcome any potential uncertainties you may have in credit history, income, expenses, and other financial factors.