PART TWO: Can you afford to buy a house?

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“I can’t afford to buy a home now”.

One of the main reasons people rent instead of buy is because they don’t think they can afford to buy a house.  Thinking and knowing are two different things.  For most people, they can’t afford NOT to buy a home now!  

If you are paying rent, in all likelyhood, you can afford to buy.  From a financial point of view, in the Unites States, the tax savings on mortgage interest alone usually makes up most of the difference between rent and a mortgage payment.   In addition, the earlier you buy, the earlier you will beneifit from equity buildup and will be well-positioned for any future appreciation.  The fact remains, the sooner and more seriously you begin the process of buying your home, the sooner you’ll find the best buy for you.  

If the reason you’re renting is because you simply think you can’t afford to buy, you can know pretty quickly and easily.  All it takes is that first step of reaching out to a mortgage professional to get “pre-approved” for a mortgage.

They’ll not only let you know if you can afford to buy, but also how much you can afford to spend.  

Maybe you can even qualify for a mortgage and find a house that only costs you as much or less than you’re already paying in rent every month!

There are a lot of ways and places to get pre-approved, but I have a few lenders that I trust and recommend. Feel free to reach out to any of the people below. Just let them know I gave you their name.

  • Kristi Hardy, Vice President and Senior Loan Officer, Atlantic Coast Mortgage
    20365 Exchange Street, Suite 300 Ashburn VA 20147
    Mobile: 571-246-6767
    kristi@kristihardy.com
    www.kristihardy.com
  • George Light, Co-Founder and Vice President, Home Savings & Trust Mortgage
    3701 Pender Dr, Ste 150 Fairfax VA 22030
    Mobile: 703-328-8916
    glight@hsmortgage.com
    www.hstmortgage.com
  • Mike Farrell, Vice President, First Home Mortgage
    1602 Village Market Blvd, SE, Suite 330 Leesburg VA 20175
    Office: 571-399-5363
    mfarrell@gofirsthome.com
    www.thefarrellteam.com

If you have any questions or want some tips or thoughts before reaching out to a lender, feel free to give me a call.