How to Cope With a Mortgage: Part 2
You have to make some calculations before taking out a mortgage. Look at what your monthly expenses are and how you save. Then you have to take into account the potential monthly mortgage payment and extra payments. A Home buyerhas to cover not only mortgage payments, but also new expenses that will come with home ownership, such as water, electric and trash bills. After you make these calculations, you will get a clear picture of your potential future life. If you are sure that you will live comfortably after calculating savings, that means you can safety take out a mortgage. If the simple calculation isn’t enough for you to fully understand the situation, you can pretend to be a homeowner that took out a mortgage. Pretend to make the monthly payments for several months. If the mortgage you are going to take costs double than what you currently pay in rent, you just have to put an extra rent payment every month into your savings account. Due to this experiment you will be able to directly see how the mortgage will affect your finances and your life. If you cannot decide what mortgage will be the best for you, get a 15- or 30-year fixed-rate mortgage. These mortgages have withstood the test of time and are the most basic and most fool-proof mortgages available. So, in order to become a homeowner you have to prepare yourself. The Home finder is usually afraid to take out a mortgage, but if they learn about it and look at
how it will affect their finances, they will know for sure if they can afford the mortgage or not. Created by http://bit.ly/DCeBook+ , original is here http://bit.ly/ezuuTl