It is common for those who are interested in buying a new home to look for the nicest, largest home they can afford. Nobody wants to buy a home that is too expensive or burdensome on their finances. However, you may have no plans to move in the next few years, and you want to ensure that your home provides you and your family with plenty of space, amenities, and décor to make your time there enjoyable. You can answer the question of how much home can you afford by reviewing a few key factors.
Your Down Payment
It is wise to talk to a mortgage company fairly soon in your quest to buy a home. The days of putting zero percent down on a home are largely gone, and many mortgage lenders will require you to put down a decent amount of money when buying a home:10 to 20 percent down is a common (more…)
Read More »
When you are ready to get involved in the real estate market, figuring out how much you can afford is one of the most important parts of the process. Many people go into the process of buying a house with unrealistic expectations. They think that they can buy a mansion on a minimum wage salary, and end up disappointed. Other people end up getting a house that is more than they can afford and it cripples them financially. How much home can you afford? There are a few different ways to find out.
One of the best things that you can do in this situation is get pre-qualified with a mortgage lender. Almost every mortgage lender offers this type of service for customers. To get pre-qualified, you will simply need to answer some general questions for a loan officer at the mortgage lender. (more…)
Read More »