Mortgage and the Emotional Costs Associated With It

Home ownership is a really big responsibility and many people still see owning their own place as a primary goal in life, which can be both a wonderful and a dangerous idea. Especially given the events of the past few years in relation to the housing bubble and the sub-prime mortgage crisis, making the decision to buy a home is even scarier than ever.

Though the housing bust taught us all a lot about the financial responsibilities of owning a home and making sure that you are able to shoulder the burden of a monthly payment and interest rates, there are still a lot of unknown elements of home buying that we all need to be aware of before signing any papers.

These “unspoken” or emotional elements of buying a home can play a huge role in the decisions that you make and the ultimate price that you pay, both financially and psychologically for years to come.

Buying a Home Is and Emotional Journey

Though any mortgage expert or realtor will tell you that buying a home is a big step financially, few will go over the importance of the decisions that you make emotionally.

Being ready to buy a home in terms of a down payment and monthly income is one thing, but the element of emotional readiness is another one that many people skip over and pay a price for doing so. Basically, too many people buy a home because of an intense emotional feeling or sense of connection with a property.

This can come about from a simple “gut” instinct or be a more intense reminder of your childhood. Either way, these feelings can be dangerous because emotional investment can often defy logical reasoning and cost you money if you take a deal that could have been better.

Stepping Back Before You Jump In

It is therefore of the utmost importance that you make sure to look at all angles of your home buying experience rather than simply making a rash decision. If you feel a connection to a house the first time you walk through it, make an appointment to go again to see it at least two or three more times before making a final decision. It is possible that your emotional connection will fade.

It is also important to make sure that there are other people close to you involved in the home buying decision. This can be a spouse, a close friend, parent or sibling. Tell them how you feel in no uncertain terms.

For example, do you love the idea of a third bedroom because of an office or because you want to have another baby? You need to be honest about your reasons for liking something in order to accurately assess them and their true costs.

The Decision of Your Life

What this all boils down to is that many people will fall in love with a house due to an idea of creating a home. While this is an important element for any decision – you shouldn’t buy a place you cannot see yourself living in – it pays to take a piece of advice from real estate investors: fall in love with the deal first.

For most people, possessing a home brings a sense of pride and independence that can’t be equaled by renting. When you search people you will learn how to find the best mortgage professionals that will guide and make it easier for you to figure out what particular home you might like.

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