08/26/2022
BE SMART ABOUT YOUR QUESTIONS
…which means be prepared, having worked through and are armed with knowledge of, your financial situation.
Make a budget- The biggest mistake I see is home buyers looking at houses online before they know what they can afford. The second biggest mistake is talking to a Mortgage Loan Officer and asking the loan officer what they can afford to buy. Only you know what you can afford. A Mortgage Loan Officer is paid a commission based on the size of the loan amount. It is in their best interest to get you to borrow as much money as possible.
Establish a budget for every expense you have, including saving for a rain day and retirement. A good rule of thumb for a housing payment is not to exceed 25% of your Gross Income (before taxes). Many Mortgage Loan Officers will try to convince you that you can go to 50% of your Gross Income. Again, the more they lend you the more they get paid!
Be Informed. Be a Confident First-time Homebuyer!
Chad Brockschmidt NMLS #1647516 Inspired Life Mortgage NMLS #1864389.
