Home Mortgages

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Home Mortgages are Within Your Reach

Tired of apartment white walls? If you're ready to conquer home ownership, read on to find out what you have to do to qualify for a home mortgage.

Let's face it, not everyone can qualify for a home mortgage. Mortgages were once reserved for a much smaller population of people. However, nowadays almost 2/3 rd of Americans own their own home. Many of these people just can't qualify for a home mortgage, others don't want to. But if you've ever dreamed of having a place to call your own, you probably aren't part of the latter group.

“Home Mortgages are out of my reach!”

Though a few hundred extra dollars a month may seem impossible, you are probably closer than you think. The basic rule of thumb for determining how much of a mortgage you will qualify for is 28% of your gross monthly income. For example, if your gross monthly income is $2500, you could spend $700 on your mortgage. Don't forget to include your spouse's income in this figure. If the figure still seems a bit too much for you, consider what you could do without in order to buy a home. You may want to trade your car in for one with a lower payment or perhaps getting rid of your cable bill would make your home mortgage more feasible.

Why would I want to pay more to own my own home?

The real question is: Why wouldn't you want to pay more to own your own home? By paying your home mortgage, you are paying yourself. Every month, money will be returned to you in the form of equity. With this equity you could eventually take a home equity mortgage to buy another home, fix up your home or anything at all! If you remain in your home long enough, you could pay your house off and only owe property tax! Whatever you do with the equity you build, at least you are building it. A few extra dollars a month now will lead to a lot more dollars for you in the future.