Your home is an excellent financial investment. However, it's possible to make unwise choices that make you "house poor." House poor refers to a financial situation wherein you spend a large chunk of your total income on the costs of homeownership including your mortgage, insurance, taxes, maintenance and utilities. This means you often can't meet other financial obligations because you are short of free cash. This is a bad situation to be in, but some smart financial planning will help you avoid it. Consider these tips to avoiding becoming house poor.
Chances are, a new home is the biggest purchase you will ever make, and your mortgage is the biggest debt you will ever carry. So it makes sense to take the time to do it right. Here at the Sheri Goldman Team, we have full confidence that you're way too smart to make any of these mortgage mistakes. But hey, just in case.