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Home Loan News..

  • Writer's pictureMichael Belfor

Buying A Home on Single Income

Buying a home on one income can be daunting however it’s not impossible. The first thing one should consider is a budget and understanding affordability.

The challenges of trying to buy on one income can easily be answered with this in my opinion as things do come up and costs like regular expenses can be made but often if one stretches to purchase a home, they can over exert themselves and end up home rich but cash pour, making things more difficult.

Buying a home on a single income is still a good idea due to the benefits of home ownership, the pride of home ownership, the security of ownership and appreciation whether short or long term. Taking a quick moment to complete an application will allow the discussion with a mortgage professional to discuss the benefits of home ownership and the most one would be able to be approved for.

More importantly than that, it would allow the prospective buyer to understand what fits their particular budget, situation and lifestyle. This is the most important part as if the buyer is realistic and understands the affordability and budget piece, everything else can often fall into alignment with ease without the concern of stretching into anything that would be conceived as uncomfortable.

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