Antonio Cirilo Perez Jr. on LinkedIn: Kiplinger Readers' Choice Awards 2024: Cash Back Credit Cards (2024)

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Although it is never good to hear someone has to sell their home due to financial duress this example emphasizes the purchase of a home is a long term commitment. Just because you are approved for x dollars in a mortgage loan does not mean you have to purchase a home up to the approval loan amount. As one prepares a budget, be prepared to pay the monthly mortgage payment for at least 5 years. Yes, mortgage interest rates will decline however no one has a crystal ball to determine when the day will arrive. In your budget planning, never purchase anything with an anticipated date that interest rates will decrease alleviating your budget stress. You did well in purchasing a home and now you must be committed to maintaining your home even if it means eating beans and macaroni. If this is not acceptable to you then wait to purchase a home. Young people you can look at older people and wish that you were in their shoes with a home and security. Let me assure you that most if not all of us learned our lessons via the same journey you have undertaken. We are not without fault.

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Go work in California for the city, county, or state to receive a sizeable pension and never worry about retirement. If you are an executive in the CALPERS system, then your retirement will allow you to travel the world over.

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There may many questions on this story. United Wholesale Mortgage and Rocket Mortgage can close your mortgage loans in 10 to 15 days. It is imperative and incumbent upon the borrower to provide 2 years tax returns, one month's of paystubs, three months of bank statements, annual statements of 401Ks, ETFs, Stock ownership, LOEs(letters of explanation if you have any credit discrepancies), and anything else that will support your character, collateral, capital, and capacity. The majority of mortgage loans are underwritten by an AUS and if a manual underwrite is required it will be because of credit or DTI. You can purchase a home with a conventional loan at 5% DP, or an FHA loan with 3.5% or a USDA/VA loan with zero down. There are many DPAs available to assist in your down payment. Do not purchase a home that is unaffordable knowing you have maintenance, RE taxes and homeowners insurance costs that increase annually. Start out small, build equity and then if you choose you can move up to a bigger home.

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Home affordability has worsened a little bit.

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How do qualify for a home purchase whether in California, Texas, Florida, Washington, New York, New Jersey, Massachusetts or some of the other states? Moreover, how do you sustain monthly mortgage payments that will remain constant with increasing salary increases, higher RE taxes and higher homeowners insurance premiums? There is no doubt that owning a home is a must and beneficial but at what cost? Monthly rental costs for apartments and homes are increasing. When is the threshold met to decide purchasing a home is better than renting? What about current homeowners currently facing rising RE taxes and exponential homeowners insurance premiums that some are unable to pay?

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Although this not an absolute, you could live less or more. Personally, I will leave this world when my Almighty Father calls me.

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