It’s the monthly payment that really matters in the end. Most homebuyers are so absorbed in interest rates that they forget that the total payment is what really matters in the end. The total payment is what must be affordable for the homeowner no matter what they are paying in interest. If you are able to buy a house with a total monthly payment less than $900, then you can rest assured that you have made a sound investment knowing you would pay less than that in rent.
With FHA financing and a seller contributing to their closing costs and a low interest rate, you too can own a home for much less than renting. And, you will be building a lasting investment. You and your family can own your dream home with low monthly payments. Interest rates are slowly beginning to rise and it doesn’t look like they will drop any time soon. Therefore, now is a good time to buy your dream home.
If you are one of the many people looking to become a homeowner or if you are just looking to upgrade on a home, it is important to find out exactly how much you can afford for a total monthly mortgage payment. If you can keep within a comfortable budget zone, you should have no worries.
Don’t hesitate to do what it takes to buy your dream home now. Don’t let interest rates or down payments stand in your way. Each one can be worked with and in some cases around. You may even find family that is willing to help you buy your home.