Overcome your fear of financial commitment

Many people are fearful of borrowing large sums of money, so if the prospect of a home loan strikes trepidation into your heart, you're not alone. People of all ages and in many different circumstances suffer from a fear of major financial commitments.

Fortunately, there are good ways to overcome such fears whether you want to buy your first home, finance a home remodeling project or borrow money for other financial needs. Here are some suggestions:

Face your fears
The first step toward calming your fears of a major financial commitment is to acknowledge that any big decision can cause stress and that what you're feeling is reasonable and normal. Fear is not a problem unless you allow it to dictate your decisions. Talk to your family and friends about your fears and ask them to tell you their own stories about how they confronted similar concerns about their own financial commitments.

Research your options
Take advantage of the Web as an ideal way to gather useful information about home loans from reliable and trusted sources. Knowledge can help you figure out your own needs, understand the loan process, decide what questions you need to ask to select a lender and a loan product, and get ready for the next step. Being prepared is a great way to combat fear.

Analyze your alternatives
Think through the pros and cons of your financial commitment and focus on the resources that could be helpful to you in different situations. For example, if you're worried about the direction of home prices, you might want to weigh those concerns against the prospect of unpredictable rent increases or even eviction from your home. If you're fearful about higher mortgage payments, you might want to consider loan products that have a fixed interest rate and monthly payments. If you expect to be relocated in the future for employment reasons, you might want to find out whether your current employer offers relocation benefits for transferees.

Accept the risks
Most fears, financial or otherwise, are connected to the unknown. No one can predict future house prices, interest rates or job markets. Nor can anyone really know in advance whether financial commitments will work out well. Once you accept that the future is unknowable, you'll be better able to make decisions on the basis of present knowledge without such fears of the future.

Visualize your dreams
Rather than focusing on negative worries, try to visualize yourself living in your new home or enjoying your finished remodeling project. Picture the privacy and comfort of your home and the benefits you expect to receive from your financial commitment. A powerful mental picture of your goals can help you calm your fears and turn your dreams into reality.


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