October is the month I will address your scary questions and the scary stories we tell ourselves.....
The second scariest question that I've heard since being back in the mortgage industry is one that is uttered under hopeful breaths, this question is hopeful but at the same time, defeating and full of the fear of "what if's". The question is just barely whispered... "Will I really be able to afford my own home?"
Owning a home is a big responsibility and over the past few years we have heard all to much about the tragedies of foreclosures and short sales so it is no wonder the second question I hear is “Will I really be able to afford my own home?”
This is a great question but it doesn’t need to be scary. When you speak to your mortgage professional they will ask you questions about your household income and your monthly expenses. A good professional will be able to explain to you what your debt to income ratio is and help you find a mortgage payment that is comfortable for you. On top of the mortgage payment you will want to think about some of the monthly upkeep that you will be spending money on such as yard maintenance, furnace/air conditioning maintenance and all those little things that need to be maintain and/or replaced. It’s always a good practice to add some additional money into your monthly mortgage budget to go into a “home maintenance” fund. This is a great way to save for that rainy day when the roof may need to be replaced (and it will.... when you least expect it.)
Are you ready to start thinking about owning your own home? Call or text me and let’s talk about all those things you will want to think about in beginning the road to home ownership. Knowing what to be aware of is the first step in taking the fear out of this fantastic decision. Let's chat about it! –Sheri Joi
(email sherijoi1972 at gmail dot com)