I love working with first time home buyers! These are the lovely folks whose first purchase has a huge impact on their life. The big change comes in moving away from paying someone else’s mortgage every month via rent and towards building equity and financial stability via paying down their own mortgage, participating in market increases, and building good credit with on-time mortgage payments.
However, this first huge leap of faith in buying your own home may be daunting in general, some misinformation and perpetuated myths floating around sometimes make it more terrifying than it has to be. I have heard them all, but a few are common. Today we will discuss the myth of losing your home when your payments go up.
Read on to dispell this common myth I see with my first-time home buyers.
Continue reading “Common fears in buying your first home – losing home due to increased payments”