Home buying advice
Realtors and bankers hold common financial interest in people going all out with all soft financial resources spent on doen payment and closing costs for a mortgage that leaves the whole household paycheck to paycheck.
Then, 2 to 5 years later. The HVAC has issues. An appliance breaks. A plumber is needed to fix a water leak.
Those are all a matter of "WHEN" not "IF"
The banks are waiting to refinance or offer home equity loans that put all home owners back at square ZERO from true home ownership.
My advice. Never buy a home where the monthly mortgage is more than a quarter of primary income earners NET RESOURCES.
Keep 10% to 20% left over on budgeted down payment/closing cost. No matter how much pressure the banker and realtor places.
Then, 2 to 5 years later. The HVAC has issues. An appliance breaks. A plumber is needed to fix a water leak.
Those are all a matter of "WHEN" not "IF"
The banks are waiting to refinance or offer home equity loans that put all home owners back at square ZERO from true home ownership.
My advice. Never buy a home where the monthly mortgage is more than a quarter of primary income earners NET RESOURCES.
Keep 10% to 20% left over on budgeted down payment/closing cost. No matter how much pressure the banker and realtor places.
41-45, M
