HOW MUCH HOME CAN YOU AFFORD? (part 1 of 2)
Before you start looking at homes, it's a good idea to find a target price range that you can afford. A mortgage lender will want to make sure you can handle the down payment, plus a monthly mortgage payment made up of principal, interest, taxes and insurance (PITI ).
Interest rates and your personal finances will influence the amount of house you can afford. On the Windermere website, Windermere.com
, you can also find a mortgage calculator for each home listed.
But remember, it's always good to talk to a lender before you start shopping for a home. I can refer you to lenders suited to your specific financial needs.
There are a wide variety of loan programs
available to buyers. I can give you the names of several mortgage specialists who can review
all of your options with you.
In order to plan properly, you need to understand what lenders are looking for from a
borrower. There are three factors that help determine if you qualify for home financing:
- Your income
- Your assets
- Your credit history