Blog Action Day: Poverty
Can Buying a Home Put You into Poverty?
It depends on what your definition is. If you are carrying a significant amount of debt and add a hefty mortgage to it with barely money left at the end of the paycheck to buy groceries – you could be. Buying a Home in Chester County or elsewhere should be an advancement, not a struggle and step backwards.
Most people who purchase a new home, have succeeded and are most happy with their decision.
Unfortunately, there are also people who come see me with hopes they can buy a home that is way out of their comfort zone – be it a starter home, an upgrade, or even a downgrade. From the cash home buyer to the buyers qualified to carry two mortgages with no deposit money; consulting with a financial advisor is strongly recommended.
You can not plan too much. Work the numbers. Then work them again. Look at all the scenarios… what if you lose your income for a certain period of time? What if the economy goes haywire? Plan, plan, plan.
“Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help.”
Don’t be that guy/gal.
The lending institutions have tightened up the qualification levels to obtain a mortgage not too soon! So it might be a little bit more difficult to get yourself into the situation of stretching to make the house payment every month. But don’t depend on someone else to tell you what you can and can not afford. Work the scenarios. .
Poverty can strike at many different levels. It can strike in your neighborhood, town, state, and globally. Pass the word…. let’s raise awareness together on a global level.
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