Your Complete Real Estate Guide
 Welcome to the CindyFullmer.com Blog

2019-04-05 09:55:13
How Much do You Want to Spend on Your New Home?
How Much Can You Afford?
 
Why is it so important to know how much you can afford to spend on a home?

Two reasons.

First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions.

Second, you don’t want to settle for a property that’s less than ideal, when you really could have afforded the 'dream home' you’ve always wanted.

So how do you figure out how much you can afford to pay for your next home?

The first step is to gain a clearer understanding of how much your current home will likely sell for in today’s market. That amount, together with other financial resources you might have (such as savings), will determine your available down payment.

The next thing you’ll need to figure out is the maximum amount of mortgage for which you qualify.

Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $150,000. If the lender authorizes a mortgage of $375,000, then you can afford a $525,000 home.

Typically your lender determines your maximum mortgage based on, among other things, a percentage of your income, to ensure you can maintain the property. 

It’s worth doing your own calculations too. Calculate your anticipated utilities, insurance, and property tax, and make sure you have some money set aside for unanticipated expenses.

Of course, you don’t need to spend as much as you qualify for on a new home.  A home that meets your needs in terms of property type, features, and neighborhood, may in fact cost you less. 

One thing is for sure. As your Realtor, I can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.
 
 
Blog Archive
2019-05-10 11:19:37
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2019-05-07 13:38:28
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Is Your Home in Move-In Condition?

2019-04-05 09:55:13
How Much do You Want to Spend on Your New Home?

2019-04-03 14:01:02
Your Real Estate Investments

2019-04-01 09:51:12
How Do You Feel About Low-Ball Offers?

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How Fast Do You Need to Sell?

2019-03-22 10:46:41
How Much Is Your Home Worth?

2019-03-19 12:20:29
Top 15 Home Features That Will Sell Your Home Fast—and for More Cash

2019-03-18 10:23:23
Do You Know the Value of Your Investments?

2019-03-14 09:08:10
Overview of Your Selling Process

2019-03-12 09:32:37
Selling Your Home?

2019-03-11 10:24:33
Tie Up Your Loose Ends After You Move!

2019-03-08 14:37:00
Don't Let Multiple Offers Intimidate You!

2019-03-07 10:17:41
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2019-03-06 09:46:36
Will You Find the Home You Want?

2019-03-05 10:44:40
Selling Your Home?

2019-03-04 12:06:04
March Forth, My Friends!

2019-03-01 09:14:18
Are You Emotionally Sabatoging Your Sale?

2019-02-28 10:29:57
How Fast Do You Want to Sell Your Home?

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