The real cost of owning a home

Mar 15, 2024

There is so much more to buying a house than just looking at what your mortgage payment is. You need to go into this major purchase with as much knowledge as you can get so you don't fall victim to this classic mistake and put yourself in a dangerous position. 

Owning a home is a great long-term play, but it's not always the right time to buy. How do you know you are ready to purchase and how do you know you can afford a home?

Our recommendations for getting a mortgage:

  • term = 15-year fixed rate mortgage
  • 20% down payment (goal to avoid private mortgage insurance)
  • payment is no more than 25% of your take home pay

In this video, Mike and I talk about what the term "mortgage" means, and some smart ways to think about buying a home. First, consider all the additional costs that will go along with home ownership. It may be more expensive than just looking at the mortgage payment alone so be sure to do your research before you buy the most expensive item in your life.