There are TONS of online mortgage calculators where you can type in your numbers and find out what mortgage you can afford. Sounds cool, right? Well, David checked them all out and the bottom line is that they are not accurate. In this episode, he gives you some truth bombs about the one-size-fits-all approach to buying a home. If you want a hint, think Chutes and Ladders. Sound familiar?
Here are some takeaways from today’s conversation:
Why mortgage calculators are wrong
Target shopping vs. flea market shopping
Preparing to buy no matter your situation
PERSONAL finances

Episode Highlights:
[1:30] Don’t Listen To Everything on the Internet
In the age of instant answers online, it can be super tempting to try and calculate what mortgage you’ll be approved for through an online calculator. But, wait! These mortgage calculators really only have 4 or 5 data entry points in order to calculate that number, which is totally NOT going to give you an accurate reading. These calculators don’t factor in taxes, 1099s, or marital status, or so many other things that could make all the difference, meaning that your answer could be off by $100,000 (over or under)! If you base your plan on a calculator number, it could take you down a chute and farther away from your goal.
[10:20] The Flea Market Approach
Some people might think that getting a loan is like going to Target where everyone spends $100 and gets the same end result. You’re all buying and it’s all equal and everyone has a loan of up to $400,000 buying the same goods. WRONG. Buying a home is like buying at a flea market. It’s not cut and dry, everyone is a different buyer buying from different sellers. It could be really great or it could be really sketchy - it totally depends on the buyer and the seller. 
[17:25] Your Relative Happily Ever After
Forget the 5 data entry points on your loan calculator: it’s important to talk to a professional because there is no one-size-fits-all approach to buying a home. And maybe you’re not ready to buy a home right now - that’s okay! Perhaps you’re living the nomadic lifestyle or it just doesn’t make sense to purchase a home because of your job. That’s totally fine. But talking to a professional allows you to prepare for whatever the future holds.