Mortgage Payments 24

Mortgage Payment
If there is​ one thing that may strike fear in​ the​ heart of​ any adult,​ it​ might just be a​ mortgage payment .​
Most people dream of​ owning in​ their own home,​ but they may not be able to​ afford it​ for many reasons .​
Even if​ you​ can afford it,​ you​ may not have the​ credit to​ get what you​ want .​
You may think that if​ you​ can afford to​ pay what you​ now pay in​ rent,​ you​ may have to​ rethink that .​
There are many costs involved with owning a​ home that you​ may not have considered.
You mortgage payment should ideally be one fourth of​ your income .​
Anything more than that,​ you​ may soon fall behind in​ your payments,​ which will of​ course mean that you​ may lose your house .​
That’s the​ last thing you​ want to​ happen .​
You also have to​ factor in​ everything that your current landlord takes care of​ for you​ .​
If something breaks,​ all you​ have to​ do is​ call and your landlord has to​ get it​ fixed .​
This means if​ the​ water pipes burst,​ they have to​ get someone right away .​
If the​ heat goes on​ the​ blink,​ it​ is​ no money out of​ your pocket .​
When you​ have your own mortgage payment however,​ you​ also have to​ pay for all of​ these things on​ your own .​
Can you​ afford that?
You also have to​ factor in​ property taxes when thinking about how much you​ can afford for a​ mortgage payment .​
You will have to​ pay these once a​ year,​ though it​ may be due twice or​ four times a​ year depending on​ where you​ live .​
This money is​ above and beyond what you​ pay for in​ your mortgage payment,​ and this can quickly put you​ in​ debt .​
If you​ are barely making it​ with your mortgage,​ your taxes are going to​ do you​ in​ for sure.
If you​ really don’t know what to​ do,​ or​ if​ you​ can afford to​ have a​ mortgage payment,​ you​ may want to​ talk to​ someone at​ your bank .​
They can help you​ decide what you​ can afford,​ and they may have ideas about how you​ can fix your credit,​ or​ perhaps help you​ set up a​ savings plan to​ help defer some of​ the​ costs of​ homeownership at​ a​ later date .​
If you​ have some put aside in​ savings,​ emergencies won’t make you​ dip into your budget,​ and you​ will still be able to​ make your mortgage payments on​ time.

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