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Home Buying - What Can You Afford?
Okay, you've decided to buy a home and are trying to figure
out what you can afford. Before you go home buying, you need to
carefully consider what you can afford as far as a mortgage
payment.
Mortgage Payments
The first step you should take in determining what you can
afford is to talk to a mortgage lender. In fact, the best step
you can take is to go through the loan process to the extent
required to get a pre-qualification letter. A pre-qualification
letter tells you and a seller how big of a home loan the lender
will give you.
So, once you have the loan in hand, that must be the amount
you can afford? The answer is maybe or maybe not. The
prequalification letter is based on a number of factors such as
your earnings and credit. It is not based on a picture of your
life, which can lead to problems.
Other Expenses
There is nothing worse than buying a home and straining to
make the monthly mortgage payments. This situation occurs when a
homebuyer relies solely on the pre-qualification letter or their
own wishful thinking. You may have purchased your dream home, but
don't let the payments be a nightmare.
In determining how much you can afford to expend on a home
purchase, you must consider your overall financial situation.
Although you may be in a decent financial situation at the
moment, do you have future expenses that will put pressure on
your finances? Such situations might include:
1. Planning to have kids in the next year or so?
2. Are your current children going to college soon?
3. If you own a business, is the financial outlook stable?
4. If you work for a company, are you reasonably sure the
company is headed in the right direction?
5. Do you have any concerns regarding the dreaded
downsizing?
6. If you are the sole bread winner, what would happen if you
were unable to work for a few months because of health
issues?
These general questions are intended to wake you up to the
possibility of over extending yourself on a mortgage. Every
situation is different, so make sure you take a careful look at
your life to make sure you are committing to a loan you can
afford now and in the future.
Raynor James is with http://www.fsboamerica.org -
providing homes for sale by owner, "FSBO", properties. Are you
thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm
to sell your home sale for free for one month.
MORE RESOURCES updated Wed. June / 07 / 2023
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