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Thinking About Buying A Home? Don't Make This Mistake
Manage episode 438152204 series 3555618
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Just because you're approved for a mortgage doesn't mean you can afford it.
In this episode, Jaspreet dives into a common misconception about homeownership: banks are in the business of selling loans, not ensuring your financial stability. The truth is, many people end up "house poor"—struggling to cover mortgage payments, property taxes, and maintenance costs, while neglecting savings and investments.
He stresses that a home is an expense, not an investment. While paying a mortgage might feel like building wealth, banks front-load interest payments, meaning it can take years before you start truly gaining equity. Jaspreet cautions against overstretching your budget for a bigger house, which often leads to sacrificing essential investments and savings.
To avoid this financial pitfall, Jaspreet outlines three crucial steps: ensure you can afford the monthly payments without compromising your financial health, save for a significant down payment to avoid extra fees and higher interest rates, and plan for all additional costs like moving and furnishing. The key takeaway? Make sure your home fits your budget without derailing your long-term financial goals.
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