How Much Home is Too Much Home?

 

Homes are a lot like cars.  They cost a lot of money, they require constant upkeep and they can really make a statement about who you are. People spend a lot of money on high end luxury cars because it conveys their success in a tangible way. Homes are very similar in that the size, location and price are all things that can send the cost of a home through the roof. People often buy a home that they can’t really afford because they like to put on the appearance of wealth. However, buying too much home can be a very dangerous thing as it ties up your money so that means less for other things. Working with a professional mortgage loan company is a great way to ensure you don’t overreach with your home loan. The experts at Ace Mortgage in Coral Springs work with people every day who need help securing a mortgage or finding the price range that will not leave them high and dry with no cash for emergencies.

There is plenty of advice out there for people who are looking to purchase in Coral Springs or anywhere else in South Florida, but the general rule of thumb seems to be that your monthly mortgage payments should be no more than 30% of your monthly income. So for example, if your monthly income is $3,000, then the most you should be spending on a mortgage is around $900. That means you’ll have plenty left over for things like car payments and the things you need to survive on a daily basis. Life may go according to plan sometimes, but there are always unexpected costs that pop up which could cause some trouble if you’re paying too much for a mortgage. The expression goes “when it rains, it pours” so when something comes up that makes paying your mortgage difficult, it could cause you to go into foreclosure. The last thing you want is a foreclosure or bankruptcy so it makes a lot of sense to work with a mortgage professional who can put you in a great position to make your payments.

Hundreds of thousands of homes fall into foreclosure every year for a variety of reasons. In many cases, the foreclosure is a result of someone buying a home they can barely afford, then something happens like they lose their job and it snowballs from there.  When it comes to getting a mortgage loan in Coral Springs, the professionals at Ace Mortgage have the skills and expertise to help someone find the perfect home loan for their situation. There are so many mortgage loan options available so get help from someone who understands the process better than yourself. Call today!

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