Most first-time homebuyers think that the mortgage process begins when they find the home of their dreams—but this really isn’t the most cost-effective strategy. Instead, before you begin browsing the market, consider these four tips. They will significantly minimize your stress throughout the mortgage process.
At some point in their lives, most homeowners experience mortgage stress—which occurs when a homeowner’s monthly mortgage payments are more than 28% of their gross income. It’s common throughout the nation, whether or not you’re a first-time owner, but some cities actually record higher rates of mortgage stress than others.