By Terry Lowery
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
but the total amount of debt realized with a home mortgage
can have a staggering, and sobering effect on the first time
I can remember the months leading up to my decision to fill
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
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
payments, the lender forecloses and you do loose your home.
are you really loosing? Something that you do not have right
anyway! Therefore, even with the worse case scenario, you will
not be any worse off than you are right now. Furthermore, it
important to realize that the chances of the lender
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
you sign on the dotted line of a mortgage application if you
confident that you will be able to handle the monthly
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
Now, quit worrying and go out and look for your new home!
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