The True Cost of Home Ownership

Jun 11, 2018

I’ve heard this story a time or two, your application for a mortgage wasn’t approved and your stress levels have risen. What will you do now? Don’t worry, you’re not alone. There have been many people in the same situation as you. One thing to remember, anyone can own a home. Home ownership is about the steps it takes to get there. If someone behind a desk tells you otherwise, it’s because they didn’t lead you in the right direction. They focused on why you can’t own a home instead of showing you how to own a home. The key is to know what resources are available and how those resources will assist you on the path to homeownership. Let me show you.

What are your resources?

I’m assuming your first thoughts are too research everything about mortgages online. I’m going to be honest, I would do the same thing if I were you. Except, google provides a huge selection of information. Where would you even start? It can be overwhelming just thinking about it. Let’s say my tooth starts hurting, what’s the first thing I do? I wouldn’t google how to fix a tooth ache, I would go to someone who’s an expert on teeth. A dentist! Instead of researching everything you can about mortgages, contact a mortgage expert! The right mortgage professional will lead you in the right direction. And where do you find a mortgage lender? I could hand you a list of 100 different lenders but none of them would offer the same valuable advice as US Capital Mortgage Partners. They aren’t those guys who sit behind desks that send you away. They are a team of experts who can show you the steps and create a plan that works for you. I say, if someone is offering to show you the steps, while teaching you along the way, then take advantage. Knowing your resources will put you one step closer to homeownership.

Understanding the cost

A home can be expensive. Homes require yearly maintenance and monthly costs. One of the biggest mistakes new borrowers make is, not knowing or understanding their price range. Mortgage lenders look at your expenses. A mortgage lender does their research and figures out what you can afford. Knowing what you’re spending each month and accounting for unexpected bills gives you an advantage. One, it’s responsible and two, it helps with financial stability. Creating a list of your monthly costs, car payments, unexpected payments, and subtracting them from your yearly income will give you a better idea of what you can afford. Take advantage of our mortgage calculator. This calculator will give you an idea of how much you’ll be paying each month on a mortgage.

A home is a big purchase. For some people, it’s the biggest purchase they’ll ever make. Which is why it’s important to know your resources, and to understand the cost. And keep in mind, anyone can own a home but the true cost of home ownership is knowing how to own a home. Get in touch with one of our experts and they will walk you through the process, step by step.

Holden, Lewis. “Mortgage down payment: What it is, who it goes to and where it comes from.” Bankrate, 8 Mar 2018, https://www.bankrate.com/finance/mortgages/down-payment-1.aspx.

Fontinelle, Amy. “The 7 biggest mortgage mistakes to avoid.” interest.com, 22 Feb 2018, http://www.interest.com/mortgage/news/the-7-biggest-mortgage-mistakes/.

“10 Mortgage Mistakes To Avoid.” The Truth About Mortgage. Sep 2013. https://www.thetruthaboutmortgage.com/mortgage-mistakes/.

Michaela Zuzula, Administrative Support/Marketing Intern