a Home, Investment Property, Building Lots or Land, Not sure where to begin?
Since buying a home or site may be one of the largest investments of your lifetime, it is our job to you to work for you "as your full-time sales associate", and assist you in finding a home or land, and also assist you in:
Home Buying Questions!
What Can I Afford?
what you can afford is
the first rule of home buying, and that depends on how much income and how much
debt you have. In general, lenders
donít want borrowers to spend more that 28% of their gross income per month on
a mortgage payment or more than 36% on debts.
pays to check with several lenders before you start searching for a home.
Most will be happy to roughly calculate what you can afford and
pre-qualify you for a loan.
price you can afford to pay for a home will depend on six factors:
The amount of cash you have for the down payment, closing costs and
cash reserves required by the lender
Your outstanding debts
Your credit history
The type of mortgage you select
Current interest rates
number lenders use to evaluate how much you can afford is the housing
expense-to-income ratio. It is
determined by calculating your projected monthly housing expense, which consists
of the principal and interest payment on your new home loan, property taxes and
hazard insurance (or PITI as it is known). If you have to pay monthly home-owners association dues
and/or private mortgage insurance, this also will be added to your PITI.
Call us for all of your Real Estate Needs!