Owning a home is no doubt one of the most satisfying investments you can make. It gives you a sense of independence and success. Many people who do not have homes yet struggle to find the perfect homes for their families. A good part of these individuals has little or no idea where to start or how much home they can afford.
Below are some of the basics you need to know to determine what you can afford and what that will get you.
Use our Home Affordability Calculator
You can determine your if your ideal house is in line with your budget by estimating the mortgage payment amount with a Mortgage Calculator. It can take into account expected:
But, mortgage lenders will calculate the amount of the loan you can get based on more personal information which can include;
This is where a Home Affordability Calculator can be of help. Most Home Affordability Calculators & Loan Officers will analyze:
Use our Home Affordability Calculator
Remember that buying a house is not a life and death matter. Give yourself financial breathing room, there is no need to empty your savings. A good tip is spending less than you can afford. No one has any idea about what is going to happen tomorrow; you may lose your job or suffer heavy losses in your business. There are several options to consider, especially for first-time home buyers. look to family for gifts that can help you take a smaller loan or get help from a down payment assistance program.
Contact one of our local lender partners for more information.