Buying a home

So you want to buy a House...Thats Great!!!

Whether you're buying your first house, your tenth house,or an investment property Buying Real Estate is exciting! 

How Much Do I Qualify For?

When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.                                                       

When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.

Getting Pre-Approved

If you need assistance with credit or loan pre approval, I can recommend a number of tried-and-true mortgage brokers who will assist you immediately. Remember that in today's fast-paced market, preparing for the purchase is essential in order to beat the competition. Get pre-approved now to insure that you get the home of your dreams! Please feel free to contact me anytime if you would like more information on how to set yourself up.