Rising mortgage rates and prices are squeezing buyers. At the same time, rents are also up. Here’s what to consider when deciding which move is right for you.
in case something happens in your first year of homeownership, Holbert said. You should also have enough monthly income to afford the mortgage payment, taxes and insurance, as well as extra monthly expenses like utilities.has a direct bearing on the mortgage you'll get and interest rate you may pay. If you see any mistakes, have them corrected before you apply for a loan.
"You'll read that if you cut back on your $4 latte habit, it could really help you save for a home," she said. The general rule of thumb is it takes about five years to seven years in a home to recoup the purchase costs, Holbert said. That includes closing costs, which add between 2% and 5% to the purchase price.
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