What it’s Like to Have a Mortgage to Pay Every Month

As you age out of young adulthood, you consider the possibility of consulting with a real estate agent and buying your first home. Yet, what is it like to have to pay a mortgage every month? Is it something you really want to wrestle with?

The real estate agent doesn’t have those answers beyond his or her own life experience and a list of benefits on why you should buy a house, so here’s a little bit about what it’s like to pay a mortgage every month.

It’s Like Renting and Not Like Renting

Yes, it’s like renting an apartment in that you know you have to make a payment at the top of every month to have a place to live.

It will come due on the first of every month, just like renting. What makes a mortgage not like renting is that it’s a monthly payment on the exact same abode for 15-30 years, and not paying the monthly mortgage payment seriously damages your credit.

If you fail to pay the annual property taxes or you fail to make three mortgage payments in a row, the foreclosure process begins and you will be homeless if you don’t rectify the situation.

It Can Solidify Good Credit and Excellent Spending and Saving Habits

Having a mortgage is one of the most adult things you can do. It is taking your personal level of responsibility to new heights and showing lenders you are a very responsible adult.

Paying regularly on your mortgage solidifies good credit and enforces excellent spending and saving habits, but only if you have the discipline required.

There’s Only One Right and Smart Way out of a Mortgage

If you are looking at missing a payment or you decide that paying every month just isn’t for you, there’s only one right way out of it.

Talk to a real estate agent and ask to sell the house. If there are no special requirements in your mortgage papers, you may be able to sell the house and not have to pay anything extra.

The buyer basically assumes the full price going forward.

If you live in the house for five or more years and you don’t have an “upside-down” mortgage, you might even come out ahead with some money in your pocket after you sell the house.

Tags: buy a home, Buy a House, Home Purchase, Mortgage, Real estate

Category: Housing