Knowing what you can afford is every bit as important in the home search process as what kind of home you're looking for.
Determine how much you can afford!
Affordability includes three things:
1) How much you can afford to borrow.
2) How much you have for a down payment. And no, you do not need 20%.
And finally, 3) what payment amount you're comfortable with each month.
Set a budget for yourself and decide how much you are comfortable with and how much you can afford. Be realistic. Most lenders suggest that your payments be no more than 28 percent of your total monthly income. But this varies with the type of loan.
With a payment range in mind, it's time to talk to a lender about your financing options and begin the pre-approval process.
Don't know where to start or who to call? I can help with that too.
Contact me if you have questions about the home buying process or to learn more about your financing options. I can be reached at [email protected] or by phone at 919-455-8265.
Author:Cary McGregor Phone: 919-455-8265 Dated: February 3rd 2017 Views: 107 About Cary: A native of North Carolina, Cary grew up in the Triad and has spent most of her adult life in the T...
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About eXp Realty, Triangle Region of North Carolina
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
""Thank you Mandy Phillips for helping us find our forever home. You were patient with me on the requirements and listened to what we were looking for in our new home. Whenever I would stress myself, you always were able to calm me down when it came to understanding the process. YOU made my first time home buying so much easier and such a smooth process.""