Home Buyer Warnings - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Home Buyer Warnings

"Buying a home can be a great investment but you need to choose a financial plan that fits your current lifestyle," saysCindi Bulla, owner of Mortgage Connection "Buying a home can be a great investment but you need to choose a financial plan that fits your current lifestyle," saysCindi Bulla, owner of Mortgage Connection

Many people in Amarillo are buying a home these days because more financing and mortgage options are available than ever before.

That's according to one local broker who also says don't fall for gimmick mortgage products because chances are it's a teaser rate and could come back later and cause you financial problems.

Cindi Bulla, owner of Mortgage Connection in Amarillo says if you don't have at least two months of payments set aside for your new mortgage at the time you close, you probably can not afford to be a home owner.

Bulla says keep in mind that your payment will most likely run about 1% of the house you buy and your gross income needs to be about four times the new house payment . If you gross 4,000 dollars a month your ideal house payment would be $1,000. That means you can afford  a $100,000 dollar mortgage.

Bulla says it's also important to think about unexpected costs you'll be paying to keep your home's appreciation value up. She says buying a home can be a great investment but you need to choose a financial plan that fits your current lifestyle.

Some brokers, including Bulla, will even sit down with you for free to help you make smart financial decisions.

For More Information Call: Cindi Bulla, Mortgage Connection at (806) 322-5100

 

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