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Judy’s Real Estate Tips – Tip of the Month
How Much House Can You Afford?
When applying for a mortgage loan, how can you determine the amount of money you should spend on a home? Ask the lender to pre-qualify you for a loan, and then consider the following industry guidelines.
Your monthly mortgage payment should be equal or less than 25 percent of your gross monthly income. Additional debt and expenses should not exceed 30 to 40 percent of your gross monthly income.
If your down payment is less than 20 percent of the property value, you may be required to pay for Private Mortgage Insurance. You will need homeowner’s insurance, so check on the cost of a policy. Calculate the cost of property tax and utilities. Be sure to budget a reasonable amount for home maintenance and repairs, and don’t forget the income you are contributing to retirement savings, vacation and your children’s college fund.
Minimize stress by ensuring that your budget will bear all the expenses associated with your new home.
For more helpful information, feel free to contact Judy or one of our professional REALTORS®, and visit us again soon to view more tips.