• Blog
  • Video Library
  • Reviews
    • Our Reviews
    • Additional Testimonials
    • Review Us

David Bailey

David and Erika Bailey Mortgage Professionals

  • Home
  • About Us
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Loan Programs
    • First Time Home Buyers
    • Home Ready 97 Loan Program
    • VA Loan Programs
    • FHA Loan Programs
    • Conventional 97 Loan Program
  • Get Pre-Approved
  • Contact

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

November 17, 2017 by David Bailey

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.

Home Mortgage Tips Tagged: Home Mortgage Tips, Mortgage

Erika and David

Contact Us


David and Erika Bailey
Mortgage Professionals

Creating Clients for LIFE!
The Mortgage Outlet
David 631.589.3600
Erika 631.767.8944
David NMLS #3458 • Erika NMLS #217190

The Mortgage Outlet
FREE RATE QUOTE →

Sign Up For Our FREE Newsletter!

Connect with Us

Let’s Keep In Touch!

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

Quick Links

  • Leave a Review
  • Accessibility Statement
  • Privacy Policy
  • Contact
Equal Housing Lender
NMLS Consumer Access
The Mortgage Outlet, NMLS # 36861 is a registered mortgage broker with the NYSDFS. All loans are arranged through third party providers. Office located at 280 West Main Street Sayville New York 11782

Categories

Looking For Something?

Our Location


The Mortgage Outlet
280 West Main Street
Sayville, NY11782

Copyright © 2023 David Bailey  ·  All rights reserved   ·   Log In