Buying a Home and Committing to a Mortgage can be very scary!
A home mortgage loan is the largest debt that most Americans will take
on in their life time. As such, making the decision to take out a mortgage
is not one that most first time home buyers take lightly. Not only will
your monthly mortgage payments probably be the largest bill that you
face each month, but the total amount of debt realized with a home mortgage
loan can have a staggering, and sobering effect on the first time home
I can remember the months leading up to my decision to fill out a mortgage
application. I had nightmares about loosing my job, not being able to
keep up with my payments and finding myself homeless. And those were
on the good nights when I was able to sleep at all!
Committing to a Home Mortgage Doesnít Have To Cost You Your Sleep
In hindsight I realize that the fear that I faced when considering a
home mortgage loan was irrational and the stress that I put myself under
unwarranted. However, at the time, it surely didnít seem that way!
Letís take a closer look at common mortgage fears.
The major fear is that you wonít be able to carry the debt responsibility
and you will loose your house.
Okay: worse case scenario, you are not able to keep up with the payments,
the lender forecloses and you do loose your home. What are you really
loosing? Something that you do not have right now anyway! Therefore,
even with the worse case scenario, you will not be any worse off than
you are right now. Furthermore, it is important to realize that the
chances of the lender foreclosing are pretty slim. The lender doesnít
really want your home, he wants you to make good on your home mortgage
loan, and will usually work with you to make that happen.
You should also remember that the fear of loosing your home is one that
you already faced and survived. When you signed your first lease on
an apartment you were taking that same chance. If you were not able
to pay your rent your landlord would have made you leave your home.
Taking out a mortgage can be less scary once you realize that this is
a fear you have already faced and conquered.
Knowing You Can Afford the Mortgage Will Allay a Lot of Fears
You can lesson the amount of fear that you will experience when you
sign on the dotted line of a mortgage application if you are confident
that you will be able to handle the monthly payments. Therefore, it
is important to take stock of your financial situation before applying
for a mortgage.
Sit down with a real estate agent and honestly discuss your financial
situation, this includes your income and your expenses. It only makes
sense to determine how much of a home mortgage loan you can comfortably
afford, and it is essential to having financial confidence and avoiding
common mortgage fears.
Now, quit worrying and go out and look for your new home!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
Read more about his experience with credit and mortgages; visit
Federal Government and Private Grant Foundations issue billions
of dollars in grant money to a variety of groups each year.
Grants are awarded to individuals each and every day from all
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You decide how much you need. As long as the amount is lawful
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for first time buyers, move-up buyers or refinancing. I cannot
recommend it highly enough - this should be required reading
for anyone who wants to get a loan." M. Klinger, Real Estate Broker
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