Owning your own home is something that gives a person a sense of independence and accomplishment. You are no longer paying monthly rent payments on property that doesn’t belong to you. You are building equity in your home instead. When you purchase your home, your mortgage company will generally assess your financial situation to determine whether or not you can afford the payments on the home you are purchasing. They know that it is in their best interest to keep you from purchasing a home you cannot afford.
In spite of this careful financial screening by your mortgage company, financial positions can change after you make the purchase. Even when you are able to make your house payments, there may be little, if any, extra cash for repairs and maintenance to the home you own.
Unfortunately, repairs to your home can’t always be planned for. If your furnace dies in the middle of the winter, you have to replace or repair it. If you have water damage that isn’t covered by your insurance, those repair costs will have to paid by you, the homeowner. These types of unexpected expenses can break a family’s budget that is already stretched to its limits.
If you’ve found yourself in this spot and don’t know how you’re going to get out of this downward financial spiral, Creditaid may be able to help. Contact us for your free consultation.