A mortgage is a lien on a property or house that secures a loan and is paid in installments over a set period of time. Mortgages come in many different shapes and sizes – but not every mortgage is right for every borrower. Before sitting down with a lender, it is important to first assess your own financial situation.
Remember: Home ownership is quite different from renting. Just because you pay $2750 per month in rent doesn’t necessarily mean you can afford a mortgage with monthly payments equal to $2750. That’s because as a homeowner, you’re responsible for many other costs beyond just your mortgage payment – such as taxes, repairs, water, sewer, heat, trash collection and a whole range of other costs you may not have had as a renter.