National Debt Relief Talks About Considerations When Buying A House

August 27, 2015 (PRLEAP.COM) Business News
August 27, 2015 - National Debt Relief shared in a recent article published August 18, 2015 some of the considerations they need to take a look into when deciding to buy a house. The article titled "How To Know If You Could And Should Buy A House This Year" aims to help consumers even startup families in their desire to finally have their own home.

The article starts off by pointing out that most American consumers still consider having a house their ultimate dream. Plus the fact that renting out a place to stay in does not really contribute any equity in their finances or net worth. In fact, they only accumulate stubs and receipts from paying their rent every month.

One of the main concern that people have when it comes to buying a house is if they are timing the market just right just before the prices go up. The prices have been going up in the past few years and people wants to catch the prices before they become impossible to reach. What the article suggests is to do a self assessment first rather than look at the market and base their decision solely on it.

Another consideration consumers need to remember is if they have enough money saved up to make a 20% down payment on the house. It is possible to get a house with a down smaller than that but it means homeowners would have to pay for private mortgage insurance or PMI. This is added to the monthly mortgage payment that covers the lender in case consumers default on their mortgage loan.

The article also lets homeowners know that their monthly payment would just be more that a rent payment. They need to factor in that they are paying for the principal amount they borrowed, the interest on that loan as well as taxes and insurance on the house. This is part of the payments to protect the house from liens from the country and non-insurance payments.

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