Is Home Ownership Realistic?
Over the past ten years, the housing industry has seen twists and turns, unexpectedly crashing, leaving a large number of people underwater on their homes, furious with lenders and nationwide distrust of home ownership. Because of this, along with the collapse of the job economy, people are wondering, is owning a home even realistic?
Find Out for Yourself
The answer is a resounding yes. New rules have created a safer environment for borrowers and created more regulations that must be followed by lenders
, or they’ll risk their federal lending protection. Sure, these rules come with tradeoffs, but ultimately, those trade offs also ensure better conditions for the borrower. Before, lenders could allow you to borrow as much as they wanted, without thinking of how the borrower may be burdened and unable to pay back their loan. Today, we’re in a better environment for purchasing a home - banks are being held more accountable and borrowers don’t feel the need to take out such large, risky home loans.
Try Out the Mortgage Calculator
Simply input the total amount of the home you want to live in, the going interest rate
, and the length of your loan terms to see if you can afford the mortgage payment.
Free Mortgage Calculators
As long as your income is 3 times the monthly mortgage payment output, and your credit is reasonable, you should be able to get into the home you've got your eye on.
If you think you're ready to purchase, congratulations! There is more to owning a home than just a mortgage payment, though. So -- especially if you find that you may be able to move in to the home of your dreams soon -- follow @homebidz and step into a new world of home buyer's knowledge.