For many, a home and/or mortgage obligation can represent an enormous financial, time, and emotional burden – but it can also represent a tremendous store of potential value.


And we’ll discuss these two popular positions here.

Mortgage is just too big


A home represents the single largest investment most people make in their lifetime. And it isn’t uncommon for most Americans to assume a higher mortgage than they can comfortably afford. They often pin their hopes on inflation, employment stability, future income growth, and the payoff of other debts (like student loans) which would make a house payment more bearable as time goes on.


Even if the plan goes generally as planned many mortgage payments still find themselves adding tremendous financial pressure with each passing year. A tough mortgage payment will strain bank accounts, credit, time with family, and even a marriage. So, it’s not hard to imagine what happens when things don’t go according to plan. And here is where acting quicking may benefit you.


First, you need to remember that homes are sometimes slow-moving investments. Both in appreciation and in liquidation – homes are not like stocks that you can sell in the morning and have the funds in your bank account in the next 1 to 3 days. So if you sense trouble on the horizon, talking with Jerod Lee to understand the timeline involved may be key in mitigating any serious financial stress and concern.


Rule of thumb


Many financial planners suggest that your house payment ought not exceed 25% of your household income. Yet, most lenders recommend that your house payment ought not exceed 36% of your household income – and the average household finds itself near or above this limit with many in higher-end homes teetering close to 45%.

 

Equity and Other Debt


There’s a great chance your home has built up equity through the years. For some, it’s tempting to use these funds to pay off high interest debt, roll the funds over into less expensive home, or live out a dream like going back to school or traveling the world. When you find yourself in a position of not having to sell out of pressure or necessity, it’s sometimes easy to procrastinate on the discussion – but since you’re here, you might be closer than ever in exploring this opportunity. Here again is where speaking directly with Jerod Lee may provide you with information on what your home is actually worth, an estimated timeline, and answer any of your questions that may help you understand the road ahead.

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Our team of professionals will be with you every step of the way, from preparing your home for the sale, to handing the keys to the new buyer.

REVIEWS

  • zuser20171209062055191
    Jerod Lee was very awesome, the best realtor my husband and I have ever had . My husband sold our 3rd house for almost 21 yrs and he was very professional, friendly, honest, personable and not a fast talker or a game player which my husband and I have had before, he was a fresh of breath air.Jerod made selling our house fast and very easy for us since we have not lived in Idaho for 8 years and was using our house in Boise as a 2 nd home,I highly recommend Jerod as a realtor and when my husband and I do move back to Idaho., I will use Jerod once again,
  • frankk7
    Knowledgeable, responsive, and kind -- Jerod helped us quickly navigate a challenging seller's market in downtown Boise to purchase a condo that hit each of our needs (and most of our wants).Jerod suggested offering a quick close to help bring the seller closer to our preferred price (and it worked!), and his team delivered on getting an inspection done within a few days, organizing Title, utilities, documents, etc... they were so on top of each of the details, in such a short period. Jerod responded to early morning texts and late night calls, and we appreciated his (and team's) expertise at each step.Along with the above, Jerod is wonderful to work with. He was kind and attentive to our young children, friendly and respectful to us, and expecially thoughtful to our COVID concerns. His team left us the wonderful surprise of an Idaho gift basked when we moved in, and Jerod treated us to a celebratory lunch at a cafe down the block. We'll look forward to staying in touch, even when not buying/selling a home.
  • YousefNasri8
    I could not have asked for a better home buying experience. As a first time buyer, I was very nervous and not the most knowledgeable on the process. Jerod is extremely transparent, knowledgeable and a delight to work with. He is communicative in all aspects and will explain anything you want to know about the process. He made my home purchase a breeze and I will gladly work with him again. I highly recommend anybody to work with Jerod for their real estate needs. True professional.