Saw a recent article filled with a lot of statistics about the number of homes on the market that were not affordable to the average American. After reading a few paragraphs of statistics, I found myself asking:
- If so many homes are not affordable, how many are affordable and affordable to whom?
- And for those homes that are not affordable, why aren't’ they?
- Since when does the price range of all the homes on the market have to be affordable to all buyers?
Most First Home Buyers come to me for Mortgage Pre-Approval with big dreams, high hopes and a lot of questions. Too often folks want to buy a home in a price range they cannot afford. Usually it’s because their situation does not merit the interest rates they see in the newspaper; they haven’t considered real estate taxes and home insurance; and the cost of mortgage insurance may not be in their calculations.
It is my job to help home buyers set realistic expectations and help them see how big a house they can afford and how large a mortgage they qualify for. Getting prospective home buyers Pre-Approved for mortgage is an exercise to insure that “families live comfortably and financially secure in their own home.”
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