Gustan Cho Associates's video: Payment Shock On Home Purchase By First Time Home Buyers

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. 🟢 Read more https://gustancho.com/payment-shock 👍🏻 We specialize in loan programs such as: - FHA, VA, USDA, Conventional, Jumbo and NON-QM Need a mortgage or want to chat about your scenario❓ CALL ME NOW📱! Here is how to contact me: ✅ The Gustan Cho Team at 800.900.8569 or send a text message for a faster response. Or write to us at contact@gustancho.com. We are available 7 days a week, in the evening, on weekends and holidays 📱 📧 ❗️❗️✅✅✅ APPLY NOW ✅✅✅❗️❗️ https://gustancho.com/fast-quote ✅ ***** Follow me ***** on Social Media 1) Facebook - https://www.facebook.com/TheGustanCho... 2) Facebook - https://www.facebook.com/alexcarlucci... 3) Official Website - https://gustancho.com ✅ Be sure to subscribe for more: https://www.youtube.com/c/GustanChoAs... 💰 ALEX CARLUCCI - SVP, Mortgage Banker, NMLS # 229891💰 ✅ STATE LICENSES: - Alabama - Colorado - 100511536 - Florida - LO40799 - Illinois - 031.0026265 - Indiana - 38913 - Michigan - 229891 - Mississippi - Pennsylvania - 72654 - Tennessee - 200345 ✅ COMPANY STATE LICENSES: - Alabama, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Mississippi, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington ✅ Equal Housing Lender - www.nmlsconsumeraccess.org Thanks for watching❗️ ✅ All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Loan Cabin, Inc. and GCA do not guarantee the quality, accuracy, completeness, or timeliness of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Loan Cabin, Inc.. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. ✅ Copyright © 2021 - Loan Cabin, Inc. NMLS 1657322 DBA Gustan Cho Associates. Address: 1910 S Highland Ave, Suite 300 Lombard, IL 60148