Affordability is the first step in home ownership. Costs involved in the purchase of a home include mortgage, down payment and closing expenses – it all can be overwhelming to first-time home buyers.
Having a mortgage lender look at your income and debt ratio, can help you calculate how much you can afford each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities and maintenance. And, if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance (pmi).
Educating our clients is just one way we work for you, full time. We live here, we work here, we know real estate. Call today, 220-6330.
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