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House hunting can be a truly educational experience for novice home buyers. Learning the ins and outs of interest rates, taxes, HOAs, and types of loans can be overwhelming. When the realities of the real estate market sink in, many home buyers are shocked by the cost of home ownership. As the monthly expenses associated with a mortgage add up, many may fear that their dream home is out of their reach. Others might jump in head first without considering all the factors of their loans or taxes, making them prime candidates for future financial troubles.

Payday loan lenders are aware of the financial issues that home owners face, considering that recurrent monthly fees associated with home ownership, such as utilities, taxes, and maintenance, are some of the most common motivations for individuals seeking payday loans. For this reason, payday loan providers suggest that individuals assess all the monthly expenses that come with home ownership prior to purchasing a house in order to maintain good financial health.

In order to afford a home, some opt for loans that allow a buyer to pay only interest for the first few years, while others seek homes only in neighborhoods that do not have Home Owner Associations or high taxes. While the latter option is wise, the former is not, as interest-only loans were one of the primary factors behind the real estate crash in 2007/08. Interest-only loans postpone large mortgage payments, often causing serious financial hardships when the premium, which can increase a mortgage payment by thousands, comes due. While loan terms are often dense, convoluted, and confusing, reading the fine print can save a buyer thousands of dollars.