The important questions that many people don’t think and research before they make a decision to buy the house that are can you afford a house, how much can you afford?, focusing on what their mortgage payments will be, ignoring other monthly payments. This oversight puts many people down the wrong path to bad debt. For example, your monthly expenditures will be more than just the home loan, there will also be homeowners insurance, flood insurance, mortgage insurance, utilities, garbage, cable TV, groceries, unexpected auto repairs, lunch money, and many other obligations. They must all be accounted for in your budget spreadsheet.
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