Payment Shock On Home Purchase By First Time Home Buyers

Описание: Payment shock is the increase of the new housing payment by homeowners versus the rent they used to pay as a renter. Low Payment shock is a compensating factor. The lender wants to know that the new homeowner does not have a large increase on a new mortgage versus what they used to pay as a renter. If a renter is living rent-free with family and all of a sudden has a new housing payment of $3,000 per month, this is a large payment shock. However, if a renter is paying $2,800 per month and the new housing payment is $2,900, this is a low payment shock.

Paying Rent Versus Proposed New Mortgage Payment

New homeowners should make sure they do not purchase too many houses. Remember that lenders do not take into account certain debts not reporting on the credit report. How much home can I afford is the key question new homeowners need to ask themselves. You do not want to buy too much home where all of your earnings go to paying your mortgage payment.

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