Life Kit Can I afford to buy a house?
105 snips
Apr 17, 2025 
Molly Grace, a mortgage reporter from Business Insider, shares her expertise on making homeownership attainable. She discusses how to assess your financial readiness and essential budgeting tips for aspiring buyers. The conversation highlights the benefits of owning versus renting, emphasizing stability and wealth-building. Molly also stresses the importance of finding the right real estate agent, understanding mortgage types, and preparing for ongoing maintenance costs. She reminds us that while homeownership has its perks, renting can also be a valid choice.
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Homeownership Considerations
- Consider lifestyle and location before buying.
- Plan to stay for at least five years to recoup investment.
Financial Check-Up
- Check credit score, debt, and income before buying a house.
- Lenders assess risk and affordability based on these factors.
Down Payment and Closing Costs
- Explore low down payment options, like 3%, rather than assuming 20% is mandatory.
- Factor in closing costs, which can exceed down payments.