*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Buying a home isn't a cheap venture. Mortgage payments each month can also prove to be spendy. Keeping a roof over yours, and your family's heads is extremely important. What happens when you move into a home, and you get sick and are unable to work? What if you lose your job? What if, What if, What if.
There are a million scenarios as to why it might be difficult to make those payments when hardship falls upon you or a family member. Guess what, it's okay! Many people have fallen into similar situations, and there are different ways to go about making sure that, that roof stays firmly over your heads.
One tip that I'd suggest is making sure that cash reserves are available to you after the purchase of your home. If hardship occurs, some of the load on your shoulders can be relieved if you have an "emergency fund" available that can be used for house payments.
I've heard people suggest anywhere from three months, to a year of monthly payments as the magic number to be saved. It will take sacrifice, and putting money into a savings account for that purpose might make you roll your eyes, but having it on hand could save you a lot of headache one day.
Cash reserves are able to help a borrower in the short term, to afford to stay in their homes while they search for new jobs, or while they recover from illness. Having a healthy amount of liquid cash on hand can also help in case of any unexpected charges, or changed circumstances that arise.
When should you start building these cash reserves? As soon as possible.
Contact me to learn more about how much monthly payments are, so that you can start saving today!
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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