Hi! This is Tom Heath with the Heath Team at NOVA Home Loans and this is our weekly installment of Mortgage and Real Estate Related Matters. And this topic is a little bit unique; it is practice, practice, practice for homeownership.
This is something that I’ve been preaching for years, and invite you to have this conversation with your clients. A lot of times we are working with borrowers and home buyers that are not ready to buy at the moment, it might take them a couple of months, some maybe a year, maybe even longer to be in that position where they do want to make that home purchase. So what we recommend is that they anticipate what their home mortgage payment would be and on a monthly basis, after they pay their housing expenses, they take the remainder of that, put it into a savings account and get used to what their lifestyle is like with that mortgage payment.
So we have people that might be living with their parents and don’t have a mortgage payment or maybe they have a low rent payment and their mortgage cost with taxes and insurance will be higher. Well, let’s help them get used to, and accustomed to, that payment. I call it practice! That way, when they’re actual homeowners and they’re making that payment, they know how their lifestyle has to adjust and they know their comfort level. It helps them decide on the right home purchase and helps prepare them for successful home ownership, which is ultimately our goal and I know it is yours as well.
If you have questions on that, give me a call reach out to us through our website: TheHeathTeam.com and we’d love to talk that’s with that more details about that strategy with you. Thanks so much have a great week.