Particularly, as it is a topic that I am so passionate about. Becoming "house poor" is one of the most devastating financial mistakes that a Buyer can make, in my opinion. When a disproportionate amount of one's monthly income is spent on mortgage, taxes, insurance, association fees, and utilities... it leaves room for little else. No renovations, no Life emergency fund, no savings, no vacations, no FURNITURE. The very best way for a Buyer to avoid this financial pitfall is by controlling the conversation and being budget-focused from the get-go, at the time of preapproval! A reputable mortgage lender will follow your lead and respect your parameters.
Affordability is an incredibly important topic in the real estate industry. Thank you for allowing me to share, Money!
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In the meantime, if you are in St. Louis and contemplating a move or have more questions about financing... I would love to help! Learn more about me HERE, call me at 314.298.5275, or email me at cnenonen@cbgundaker.com.
