However, potential buyers who are unprepared for the true cost of owning property may be shocked by the bite homeownership can take out of their wallet, in
addition to their mortgage payments.
For example, the family member usese equity from your home equity line of credit and the buyer pays the cost of borrowing in
addition to their mortgage payment.
At RMG, we can help to ease the burden of paying taxes for our customers by collecting a portion of money for taxes in
addition to each mortgage payment.
Your debt - to - income ratio is the sum of all your monthly debt payments — including student loans, credit cards, and auto loans, in
addition to your mortgage payments — divided by your gross monthly income.
When you look at your budget to figure out what size home you can afford, keep in mind all of the home costs in
addition to the mortgage payment.
In
addition to the mortgage payment, you'll want to factor in expenses like property taxes, homeowners insurance and routine maintenance.