housing question

[Anonymous]

ok i want to ask for some advice, our rent it seems to go up almost every couple of months so we are seriously thinking on ownning (were so clueless and nervous since we’re for now on one income) we are lost about morgages and all, we’ll probably get some advice and adjust our budget or making adjustments to have another income we still have time to make the right desicion (the only not to love about our apartment is that the price is almost the same as paying a house) but at the same time it is a really big big decision in here hope you have some thoughts for me

[Anonymous]

The first thing to do is call a bank or mortgage broker/lender and see how much of a house you can afford before you start looking. They will ask questions about your income(s), and your debts, and then tell you what price range you can reasonably look in. Then you should start looking! That is the fun part!

Good Luck!!

Ann Marie

[Anonymous]

If you don’t want to contact a bank just yet, there are several mortgage calculators online that will tell you a monthly payment. Keep in mind that house insurance and property taxes can add a little or a LOT to your monthly mortgage payment. We’ve been happy homeowners for about 5 years. When I look back and think about the money we wasted renting, it makes me so happy to have purchased. Especially the equity we gained from selling our first house to buy our current house! It’s worth it in the long run (especially if renting is = to the price of buying!)

Lots of big decisions! Good luck to you!

[Anonymous]

If your mortage (including insurance and property tax) will be more than your rent, try “paying” that amount for the next few months (putting the extra into savings that you can use on the down payment) to see if you can actually afford the new payment. It will help you see what’s it’s like to pay a mortage.

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