The calculator was on the table and the bills were laid out in front of them. This would be the first set of monthly bills to be made since they purchased their home and they wanted to make certain that everything would come out right. They arranged for payments they felt as though they could afford, but somewhere along the way they must have miscalculated the income needed to cover their bills. It was not until after signing on the dotted line that a couple of bills surfaced and had to be included in the new budget. The revised numbers were much different than what they started out with and they had an uncomfortable feeling about how they would be able to keep up with the payments.
Most of us are fortunate enough to purchase a piece of property of our own and unless something goes wrong, that property will either be paid for or sold in an attempt to upgrade to something better. One of the biggest responsibilities when buying that new home is making sure that we can fulfill that mortgage payment, which means that we must do everything in our power to produce an accurate budget. The problem is that it is difficult to do anything about your payments when the deal has been signed.
It does not matter what size house you purchased , if you do not get the budget right you will lose your new home before you even get started paying for it.