House Buying Fears!
Being Unable To Afford Your Mortgage Payment
Many people wonder how they will afford their mortgage if they lose their job. They also might see that the mortgage payment required to afford a home in their area exceeds what they currently pay in rent. To deal with potential job loss, make sure to have a large emergency fund set aside. You can use this money to continue paying the mortgage if you lose your job. Also, though you may experience unpleasant collection activities, your home isn’t likely to be taken away from you the first time you miss a mortgage payment.
Before you take on a mortgage, set up a budget so you know what your existing expenses are and how much money you take home every month. Also, think about new expenses that will come with home ownership, like water and trash bills. You can also try making fake mortgage payments for a few months and see how it affects your finances.
Also, make sure you have health insurance before you buy. Unexpected medical bills are a common source of financial instability.