Home - Mortgage Loans | Personal Loans | Bad Debt Loans | Foreclosure Loans
Apply for a Loan | Best Auto Loans | Best Bad Credit Auto Loans | Best Bad Credit Loans | Best Bill Consolidation Loans | Best Cash Advance Loans | Best Credit Cards | Best Credit Repair Tips | Best Debt Consolidation Loans | Best Free Credit Reporting Tips | Best Home Equity Loans | Best Mortgage Loans | Best Pay Day Loans | Best Personal Loans | Best Products on the Internet | Best Unsecured Loans
Great Financial Advice
Apply for a Loan
Latest Financial News
Rate Lock Advisory
Best Products
Join Our Mailing List
Contact Us
Loan Articles Index
Auto Loans
Bad Credit Auto Loans
Bad Credit Loans
Bill Consolidation Loans
Cash Advance Loans
Credit Cards
Credit Repair Tips
Debt Consolidation Loans
Debt Reduction Loans
Foreclosure Loans
Free Credit Reporting Tips
High Risk Loans
Home Equity Loans
Home Loans
Lawsuit Loans
Mortgage Loans
Pay Day Loans
Personal Loans
Products on the Internet
Real Estate Services
UK loans
Unsecured Loans
Loan Article Index
Loan Articles A-G
Loan Articles H-Q
Loan Articles R-Z
Mortgage Calculators
Mortgage Calculator
Mortgage Amortization Calculator
Rent vs. Buy Calculator
How Much Can I Afford Calculator
Auto Payment Calculator
Click here to Sign up for Email and Newsletter

 

redhotloantips fat loss


Are you so desperate for a home loan that you are stretching your finances too far?

Written by: Syd Johnson

Once you get a quote for a home loan don't be tempted to take the entire amount if it looks like you overqualified. Most consumers fill out an application for a home loan and hope they can get enough money to buy their dream house.

A nice chunk of those consumers also overqualify for their home loans. If go to your local bank, credit union or mortgage broker and you are approved for a $500,000 home loan, they payments might be a bit more than you realistically afford.

Use a mortgage calculator to see your real monthly expenses
If you are not good with your money or would prefer to not stretch your finances to the limit to get a home, get your hands on a good mortgage calculator as soon as you get the figures on your home loan. You might think all will be fine as long as you can own your own property.

However, you must take into account all of the things that come along with owning a home. Sometimes you can get so caught up with the actual dollar amount of your home loan that you forget the other pieces of your budget.

Do you still have cash for entertainment and personal use?
Check your budget to see if you still have money to enjoy things like going out, purchasing new furniture, a family vacation once per year and regular manicures and pedicures. Then add in your student loans, car payments, credit card bills, lunches at work and tickets to take your family to baseball games a couple of times every season.

You also need money for home maintenance and repairs
There are also the home maintenance issues that are not included when you qualify for a home loan. If you live in a part of the country that's particularly hot or cold, your heating and air conditioning bill could easily add up to a couple of hundred dollars per month.

Your home loan package does not include budgeting for lawnmowers, landscaping and fixing broken windows. Some of these expenses can be put off until a later day, but some of them will require your immediate attention once you move into your home.

Know your spending habits to gauge how much debt you can carry
If you are used to living paycheck to paycheck and generally not taking care of your budget as a renter, you will probably carry over some of the same habits to your new home.

The best way to avoid a financial disaster is to make your home loan a part of your financial life instead of the centerpiece of your financial life. If you are stressed out about money issues from the very first move in, it is unlikely that you will enjoy your new home or anything else in your life for a long time.

About the Author

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor


Other Related Articles:

Free Money Saving Auto And Home Loan Tips?
Free Auto Loan Tips The following tips should help increase your chances of getting a car loan at a better rate. Tip #1 - If you just started a job (recently graduated from college) then wait 6 months to apply for your car loan. Tip #2 - If you...read more

How to Find Equity Lenders and Loans
How to Find Equity Lenders and Loans Equity lenders and loans are swarming like flies aboard the World Wide Net, offering savings galore. Thousands of homeowners are applying for home equity loans to pay off credit cards, school bills,...read more

Home Equity Loan – Beware of equity stripping scam
The market for mortgage refinancing has been brisk during the last few years. The boom in business can be attributed to interest rates that have been at or near historic lows, and to lenders who have more money to lend now that they aren’t investing...read more


Return to Home

468x60

Best Auto Loans, Best Bad Credit Auto Loans, Best Bad Credit Loans, Best Bill Consolidation Loans, Best Cash Advance Loans, Best Credit Cards, Best Credit Repair Tips, Best Debt Consolidation Loans, Best Debt Reduction Loans, Best Foreclosure Loans, Best Free Credit Reporting Tips, Best High Risk Loans, Best Home Equity Loans, Best Home Loans, Best Lawsuit Loans, Best Mortgage Loans, Best Pay Day Loans, Best Personal Loans, Best Products on the Internet, Best Real Estate Services, Best UK loans, Best Unsecured Loans
Subscribe to Mailing List | Private Policy | Unsubscribe | Site Map