What is amortisation and how much is amortisation going to cost me?
Do those terms make you want to run for the hills?
Are you completely overwhelmed by the terms, numbers. and just the whole process?
Sometimes I think that you need an encyclopedia just to follow the home finance conversation.
Do people know what an encyclopedia is anymore? Click To Tweet
But what if figuring out the mortgage was not so complicated?
That would make it easier to have the real conversations that you need to have when considering buying a home.
- Can I afford this mortgage?
- Can I afford the downpayment?
- What are the other costs involved with purchasing a home?
- What are the other costs involved with owning a home?
- Will the busy work of owning a home be too much for me?
- Do I really love this house?
- Does this house need fixing?
- Where is renovation project money coming from?
Okay, obviously I can come up with a ton of questions. I have been in this rodeo before.
As you can see many questions revolve around home finance. That is because it is IMPORTANT!!!
Do you know how many people buy homes that they cannot afford?
According to a Consumer Affairs study, 7 out of ten households are feeling the financial hit of having little to no savings left after paying their basic housing bills. Further, 73% of respondents are reporting additional financial difficulties and 78% of millennial homeowners report feeling house poor.
This term might sound cute but it is not!
Do your due diligence and figure out if you can afford the mortgage before it is too late.
Money worries are stressful. Your #home should not be. Click To Tweet
Being aware of your finances before purchasing a new home is key. Do not make the mistake of buying more home than you can afford.