Be Life Rich, Not House Poor

be life rich not house poor

BE LIFE RICH, NOT HOUSE POOR! Buying at the top end of your pre-approval price could be setting you up for many dull years to follow. WHY? Because, your home cost is more than just a mortgage payment. There are property taxes, maintenance, utilities and more due every month. If those add up to 35% of your total income, you’re on the right track. If not you might have to sacrifice in other categories such as vacation, debt repayment or savings. Budgeting is really a piece of cake, or a pie in this circumstance. The pie chart here illustrates a…

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Annual Mortgage Reality Check

A Mortgage Reality Check Most of us tend to think of our mortgage as the ultimate “buy and hold” purchase. After all, who wants to spend any more time in the “borrower” chair than is absolutely necessary? You get a 5- year term, and then go on automatic pilot until it comes due again. You might wring your hands over your other finances, but your mortgage is set in stone, right? Well, not exactly. In fact, it’s a great idea to have an annual mortgage review to see if it’s really working for you – especially in the context of…

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