Buying a House in Your 20s: It CAN Happen
Previously Published on Vivala
Figuring out how to buy a home is confusing and overwhelming, so it is no wonder that many people get suckered into real estate transactions that may not be in their best interest. Buying a house so young requires a lot of due diligence. Your life is just beginning, so make sure to consider things like grad school, marriage, and career transitions.
Many of those who got caught up in the housing crisis, for example, did not fully comprehend adjustable rate mortgages (a mortgage interest rate that is fixed for a set period of time, then adjusts either up or down according to a predetermined index). You don’t have to be a math wiz to calculate mortgage interest rates, but you do have to understand the impact those interest rates will have on your monthly mortgage payments in the future.