5 Common Fears Of Buying A House
Deciding to become a first time homeowner is a big decision. The process of home buying may seem overwhelming and there are a lot of unknowns. Some people give in to the fears of purchasing a house and decide to remain lifelong renters. While there is nothing wrong with renting a house there are many advantages to homeownership that you might not want to pass up. Here are some of the common fears that new buyers have and why you should let it stop you.
What if I Can’t Afford It?
Everyone has heard how many hidden costs pop up during the home buying process and during the life of a homeowner. Why would you want to stop the predictable world of renting to take on these extra expenses? Many first time homeowners feel like they have to give away their lifelong savings just to purchase a house. Between the down payment, closing cost and mortgage payments the fear can seem overwhelming. If this is one of your fears a great step is to contact a mortgage lender. They will be able to discuss the specifics of your situation with you to help you determine how much house you can comfortably afford to buy. …show more content…
Many people have the idea that the homes they would actually want to live in are outside of their price range. However, the reality is that mortgage rates are still at all-time lows, helping to make monthly mortgage payments more affordable. The housing market is still down in many places, which means there are great houses available for much lower than their real value.
What if the House is a Money