Attorney for Finance
Friday, April 9th, 2010
So who knows best when it comes to your financial situation and how much you can spend on a mortgage? A real estate agent? The Buck Stops with the person who is really responsible for the design of your personal finances, and, of course, you can afford it.
You can make a mistake if you simply allowed all around you, including your mortgage lender and real estate agents to determine how much you can afford to spend on your purchase of a house next door. Why? No, this is the simple truth that they do their work, through the sale of real estate and lend you money if you can acquire this property.
It does not matter because he probably does not give you first class advice, even if they wanted him (at least not without spending hours on your finances). It would be a grave mistake, this step in buying a house to jump. Thus, many families have the error appears in mortgage payments without ensuring that their finances were in order and understanding how they could afford to spend each month. In the worst scenarios, people have found themselves deep in debt, and even face seizure and bankruptcy. You must be honest with yourself and determine how you spend all your expenses for rent, food (or existing mortgage) on credit cards for gasoline.
You should also try to examine what happens if your monthly income and expenses may change. What happens when a baby is on the road, or if gasoline prices fall?