Rilian Ball

First Capital Group

  • Home
  • About
  • Buying a Home
  • Main Website
  • Get a Quote
  • Apply
  • Contact

Single and Considering a New Home? Here’s What You’ll Need to Know About Your Mortgage

November 17, 2017 by Rilian Ball

Single and Considering a New Home? Here's What You'll Need to Know About Your MortgageHave you decided that it is time to move on from renting? If you are single and living alone, you may be wondering whether or not homeownership is right for you. Let’s have a look at a few key factors that you will need to be aware of when taking out a mortgage as a single person.

It’s A Commitment – But Not For A Lifetime

Some single people shy away from the idea of buying a home as it is a significant financial commitment. When you are single, especially if you are young and early in your career, flexibility can be valuable. You might decide to move to a new city to take a new job, or you may find a partner and decide to start a family.

Keep in mind that homeownership – and your mortgage – aren’t permanent. If you decide to buy a house, condo or apartment, you can always sell it later if you need to move or upgrade to a larger home.

You’ll Need To Be Disciplined

As you will only have one income stream coming in to support you in managing your monthly finances, you will need to be disciplined. Living paycheck to paycheck is not really an option as you will end up in trouble if an emergency occurs. Some financial experts advise having at least 6 to 12 months of monthly expenses saved up, in case of a job loss or an unexpected health issue that takes you out of work.

Don’t forget that there are also mortgage insurance products that can help to cover some of your costs in the event of an emergency. These may be an option to consider as a backup plan.

Starting Small Versus Going Big

Do you need a lot of space? If not, investing in a small ‘starter’ home is an excellent option. You can buy just enough home to suit your needs without buying anything extravagant. A helpful advantage that you gain purchasing a less-expensive home is that it comes with a smaller mortgage that can be paid off faster.

Questions? Get Professional Advice

If you have questions about borrowing and maintaining a mortgage as a single person, you’re not alone. Give our professional mortgage team a call. We will be happy to share our guidance and expertise in helping you choose the mortgage product that suits your financial goals.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage

First Capital Logo

Rilian Ball


Branch Manager
First Capital Group
NMLS# 202687

Browse Articles by Category

Get in Touch!

  • This field is for validation purposes and should be left unchanged.

Recent Articles

  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
  • What’s Ahead For Mortgage Rates This Week – March 20, 2023
  • Is A VA Loan The Best Option For Your Needs?
  • Is A VA Loan The Best Option For Your Needs?
Rilian Ball
NMLS # 202687

Company NMLS: 35960
www.nmlsconsumeraccess.org

Search this website

Loan Options

  • 15 Year Fixed Rate Mortgage
  • 30 Year Fixed Rate Mortgage
  • FHA Home Loan
  • VA Home Loan
  • Jumbo Home Loan

Copyright © 2023 · Powered by MySMARTblog