What is House Poor and How Can I Avoid It?
Being house poor means that after you pay your mortgage, taxes, insurance, and anything else you need to pay to maintain the home you bought, you don’t have much money left over for anything else
You can’t say you’re poor, though, because property ownership is a staple of the middle class, and most of your money is going towards improving your net worth.
Here are some tips to help you avoid becoming house poor when you buy your next house!
A great realtor will listen to you and talk with you about your budget. A not-so-great realtor will push you to buy a home at the high end of your budget.
Find the Right
There are various loan options available, and what you chose can make a difference in whether you are house poor or not.
Explore Your Loan Options
Before starting the home-buying process, have an honest look at how much you can realistically afford. Use a mortgage calculator to make sure it’s affordable.
Be Realistic About What You Can Afford
The larger your down payment, the smaller your mortgage payments will be. Save money for a down payment before buying
Secure a Downpayment
Buyers with top credit scores will get the best mortgage rates, so make sure your credit score is the best it can be before shopping for a mortgage
Improve Your Credit
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