5 Signs You’re About to Buy a Home You Can’t Afford
06/13/18 • -1 min
If you’ve noticed any of the five following signs occurring throughout your home search process, it might be an indication that you won’t be able to afford that home.
Buying in Northern Virginia? Get a Full Home Search Here
Selling in Northern Virginia? Get a Free Home Value Report Here
During the home buying process, there are five signs to watch out for that indicate you’re about to purchase a home you won’t be able to afford.
1. The lender tries to get you to agree to creative financing terms. This could mean getting you into a balloon mortgage or adding a second mortgage—both are red flags.
2. You agree to a down payment assistance program without a true down payment saved up. This is a big mistake I’ve seen people make. Now, if you’re using a VA loan, that’s really good because you’re basically getting free money to borrow for no down payment. But often, down payment assistance programs can be a bad sign.
3. Due to an unfortunate incident, your savings have been diminished. In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.
4. Financing your down payment by borrowing from your 401(k), retirement account, Roth IRA, etc. These are signs you shouldn’t be purchasing a home yet.
5. You don’t have a good feeling about buying a new home. If you’re out looking for houses, you want to have a good feeling when you walk in. Make sure you’re buying the right house for you—don’t take advice from other people.
If you have any questions about affording a home or buying one in general, you can give us a call or send an email. We’d love to help you out.
1. The lender tries to get you to agree to creative financing terms. This could mean getting you into a balloon mortgage or adding a second mortgage—both are red flags.
2. You agree to a down payment assistance program without a true down payment saved up. This is a big mistake I’ve seen people make. Now, if you’re using a VA loan, that’s really good because you’re basically getting free money to borrow for no down payment. But often, down payment assistance programs can be a bad sign.
3. Due to an unfortunate incident, your savings have been diminished. In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.
In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.
4. Financing your down payment by borrowing from your 401(k), retirement account, Roth IRA, etc. These are signs you shouldn’t be purchasing a home yet.
5. You don’t have a good feeling about buying a new home. If you’re out looking for houses, you want to have a good feeling when you walk in. Make sure you’re buying the right house for you—don’t take advice from other people.
If you have any questions about affording a home or buying one in general, you can give us a call or send an email. We’d love to help you out.
If you’ve noticed any of the five following signs occurring throughout your home search process, it might be an indication that you won’t be able to afford that home.
Buying in Northern Virginia? Get a Full Home Search Here
Selling in Northern Virginia? Get a Free Home Value Report Here
During the home buying process, there are five signs to watch out for that indicate you’re about to purchase a home you won’t be able to afford.
1. The lender tries to get you to agree to creative financing terms. This could mean getting you into a balloon mortgage or adding a second mortgage—both are red flags.
2. You agree to a down payment assistance program without a true down payment saved up. This is a big mistake I’ve seen people make. Now, if you’re using a VA loan, that’s really good because you’re basically getting free money to borrow for no down payment. But often, down payment assistance programs can be a bad sign.
3. Due to an unfortunate incident, your savings have been diminished. In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.
4. Financing your down payment by borrowing from your 401(k), retirement account, Roth IRA, etc. These are signs you shouldn’t be purchasing a home yet.
5. You don’t have a good feeling about buying a new home. If you’re out looking for houses, you want to have a good feeling when you walk in. Make sure you’re buying the right house for you—don’t take advice from other people.
If you have any questions about affording a home or buying one in general, you can give us a call or send an email. We’d love to help you out.
1. The lender tries to get you to agree to creative financing terms. This could mean getting you into a balloon mortgage or adding a second mortgage—both are red flags.
2. You agree to a down payment assistance program without a true down payment saved up. This is a big mistake I’ve seen people make. Now, if you’re using a VA loan, that’s really good because you’re basically getting free money to borrow for no down payment. But often, down payment assistance programs can be a bad sign.
3. Due to an unfortunate incident, your savings have been diminished. In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.
In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.
4. Financing your down payment by borrowing from your 401(k), retirement account, Roth IRA, etc. These are signs you shouldn’t be purchasing a home yet.
5. You don’t have a good feeling about buying a new home. If you’re out looking for houses, you want to have a good feeling when you walk in. Make sure you’re buying the right house for you—don’t take advice from other people.
If you have any questions about affording a home or buying one in general, you can give us a call or send an email. We’d love to help you out.
Previous Episode
Thank You For an Amazing Year
Happy holidays! If you know anyone who is looking to sell their home or would like to join our awesome team, we’ve got a couple opportunities for you.
Buying in Northern Virginia? Get a Full Home Search Here
Selling in Northern Virginia? Get a Free Home Value Report Here
I hope you had an amazing 2017 and that you hit all your goals for 2018. I just wanted to take some time to talk about the great year we’ve had, let you know about a couple opportunities we have available to you, and give you our sincerest gratitude for your support this year.
We have a brand-new inside salesperson in training today, and I’m really excited about the year we’ve had in 2017. Last month alone, we set over 100 buyer appointments for our agents, meaning we had 700 people register on our website. If you know anyone who is thinking about selling their home, we might have a buyer for them right now. We’d love to help them out.
If you know anyone who is thinking about selling their home, we might have a buyer for them right now.
I recently had an amazing trip to Seattle. I was invited by Zillow to come check out their headquarters. I got to see their operation, learn some of the great things they’re doing, and also learn about recruiting new people. We’re always looking for talented agents, admins, ISAs, cold callers, and more. If you or anyone you know is looking for a great team to join, please contact us.
Finally, I want to thank each and every one of you for working with us in 2017 and for the referrals you sent us. I truly appreciate it from the bottom of my heart.
I hope that you have a merry Christmas, a happy New Year, and that you crush all of your 2018 goals. Feel free to shoot me a message; I’d love to take you out to Starbucks, catch up, and see how things are going. Happy Holidays!
Next Episode
The 9 Silly Things Sabotaging Your Home Sale
Avoid making these nine silly mistakes when you sell and your home will look amazing.
Buying in Northern Virginia? Get a Full Home Search Here
Selling in Northern Virginia? Get a Free Home Value Report Here
1. Visible cords. Mounted flat screen televisions sometimes have cords hanging behind them. When the television is flushed and you cannot see the cords, your home will show much better.
2. Unkempt yards. Always have your yard properly maintained.
3. A dingy front door. Since it is the first thing that potential buyers see when they walk up, make sure that your front door is clean and freshly painted.
4. Pets. You may want to send your animals to stay with someone, or at least crate them, while you are showing your home. Either way, you must keep them away and address potential odors they may have left in your home.
5. Cobwebs. Knock out all the old cobwebs and clean any filters. This shows that you are properly maintaining your home.
6. Furniture arrangement. Use your furniture the right way and stage it properly. We are really good at helping with this.
7. Junk drawers. When you are showing your house, a lot of people will be looking into your drawers and cabinets. Make sure that they are clean and tidy.
8. Closets. Clean and organize your closets and having nothing on the floors. This makes them look big, which is important because people care a lot about closet space.
9. Countertops. Remove the clutter from your countertops to make it fresh and open. This makes a kitchen seem a lot bigger.
If you have any additional questions about this or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.
Today I have a list of nine silly things that can sabotage your home sale. Are you doing any of these?
1. Visible cords. Mounted flat screen televisions sometimes have cords hanging behind them. When the television is flushed and you cannot see the cords, your home will show much better.
2. Unkempt yards. Always have your yard properly maintained.
3. A dingy front door. Since it is the first thing that potential buyers see when they walk up, make sure that your front door is clean and freshly painted.
4. Pets. You may want to send your animals to stay with someone, or at least crate them, while you are showing your home. Either way, you must keep them away and address potential odors they may have left in your home.
5. Cobwebs. Knock out all the old cobwebs and clean any filters. This shows that you are properly maintaining your home.
Since it is the first thing that potential buyers see when they walk up, make sure that your door is clean and freshly painted.
6. Furniture arrangement. Use your furniture the right way and stage it properly. We are really good at helping with this.
7. Junk drawers. When you are showing your house, a lot of people will be looking into your drawers and cabinets. Make sure that they are clean and tidy.
8. Closets. Clean and organize your closets and having nothing on the floors. This makes them look big, which is important because people care a lot about closet space.
9. Countertops. Remove the clutter from your countertops to make it fresh and open. This makes a kitchen seem a lot bigger.
If you have any additional questions about this or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.
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