FPU Lesson 8 – Real Estate and Mortgages
Lesson 8, Real Estate and Mortgages
Be patient when buying a home. Think like an investor. Overlook bad and outdated features. Use experts to confirm the home’s value. The purchase of a house is a major financial event in our lives. Rushing through the process would be a mistake. Surround yourself with advisors to find a house that you will enjoy living in and will hold it’s value.
Never get more than a 15-year fixed mortgage, with at least 10% down. No more than 25% of your take-home pay in house payments. Being house poor is usually a worse fate than being in heavy credit card debt. Setting a specific upper limit to your purchase helps keep you from being in over your head.
When you get ready to sell your home, think like a retailer. You’re not selling someone a house, you’re trying to sell them their new home. Your home is now a product, show off its best features.
Next week: Lesson 9 – The Great Misunderstanding
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