 Deciding how much house you can afford is a personal decision.Many
factors come into play.How much can I borrow? How much can
I put toward my down payment? What size monthly payment can
I afford?
There are no black and white answers to these questions.
Its a matter of give and take. If you plan on a 30 year mortgage,
you can probably make a lower down payment (or perhaps no
down payment at all) and still manage the monthly payments.
If, on the other hand, you plan on a 15 year mortgage, youll
probably want to make a larger down payment to keep your monthly
payments in line with what you can afford.
How large a down payment can I make?
Many buyers look at their cash on hand as their only source
for their down payment. This simply is not the case. One way
to fund or partially fund a down payment is by using a gift.
Parents, grandparents and other family members are often eager
to help by making a cash gift toward the purchase of your
home.
There are also down payment assistance charities that can
help you. And, of course, if you are selling a home, the equity
youve built up can be applied to your down payment.
But these are not your only options. We can help you explore
all your down payment options, including low down payment
and 100% mortgage financing options that might be right for
you.
What size monthly payment can I afford?
When determining what size monthly payment you can afford,
youll want to consider what other monthly expenses you have.
Tangible expenses such as car payments, day care and utility
bills, all play a role in how large a monthly payment you
can afford.
There are also the intangible expenses or lifestyle expenses
that youll want to consider. Things such as dining out, travel
and when you buy your next car can effect how much you can
afford. Are you willing to curtail or delay some of these
expenses in order to afford a larger monthly payment?
How much can I borrow?
This is a question youll want to get answered before you
begin your home search. This is something that were here to
help you with. Our mortgage calculators will help you see
how your down payment, monthly payment and the amount you
borrow are all interrelated.
We can answer any questions you may have about the mortgage
process. But the best way we can help is by getting you pre-qualified
for a mortgage loan. To get started, simply complete the form
below to let us know a good time to contact you. We look forward
to helping you buy your dream home.
F.A.Q
We offer a wide range of services including real estate sales,
financing, and property management. Call us today for a free
consultation @ 916-482-6899 or email us at fay@amerpropmgmt.com.
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