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Generally, a home loan is usually the biggest debt a person has. Selecting a mortgage is a difficult decision. You must take many different factors into consideration when determining how much you can afford.

One of the biggest mistakes home buyers, particularly first-time home buyers, make is misjudging the costs associated to being a homeowner, i.e. repair and maintenance costs, homeowners insurance, PMI, property taxes, etc.. Not being able to pay your mortgage and/or the costs of linked with homeownership can result in bad credit issues. A good practice is to learn how to budget your money.


The amount you pay in property taxes and homeowners insurance is directly related to the amount of money you borrow for your mortgage. Meaning the more you borrow, the more you will be obligated to pay in taxes and insurance.

Buying a home can be stressful and scary. Don't let the above scenario deter you in your dream of homeownership. Buying a home is an investment. You will likely not lose money when you buy a home. In fact, you will probably make money. Owning a home is also good for your soul and well being and will ultimately result in you becoming a more financially responsible person.

After evaluating all of the costs linked to your new home, in addition to your further monthly cost obligations, you should be able to approximate how much you can afford as a monthly mortgage payment. Don't forget to calculate mortgage fees. Also note that there are many tax deductions associated with home ownership.

Mortgage rates are still low. Therefore, the sooner you lock-in your mortgage rate, the lower your mortgage payments will be, and the less you will pay in mortgage interest over the entire life of your loan.

Learn more about home purchase loans.


If You Can Afford a Down Payment, Buy Don't Rent!
Question to Ask Before Making an Offer on a New Home
Making That Offer
Is it a Seller's Market
Getting Approved for a Mortgage When Your Wife Has Bad Credit


More Offers for New Home Owners:

Low rate mortgages for first time buyers with bad credit and no credit are available for as much as $1,000,000.

Are you selling your home? Star Loan Services offers new home loans for people with bad credit! Rates as low as 6.5%!


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