Whether it’s your first time or you’re a pro; buying a new home is a huge financial undertaking. The impact a new mortgage can have on your personal financial plan and monthly budget shouldn’t go unchecked. Making sure your new home is both affordable and feasible are important to your long-term financial health. We are honored to have our advice to new homebuyers recently quoted by Redfin:
Ensure you’re financially prepared. Homebuyers need to be financially prepared for the commitment a home purchase brings. They need to understand the difference between the mortgage they are qualified for and what actually fits within their financial plan. I caution my clients not to over-extend their monthly budgets and to factor in the total cost of homeownership; not just principal and interest payments, but insurance and taxes as well.
If you’re thinking about buying a house and want to know the impact to your financial plan, we’re here to help. Contact us today.
Click here to read the full article “Expert Tips for Becoming a Homeowner in 2021”
