What can I afford to buy when shopping for a new home?

9/28/2013

How much of a home can you afford today with today’s mortgage rates?  I have many people asking me to show them homes and they have no idea to what they can afford or get approved for from their lender.

When looking for a home, the first step you need to take is go to your lender and find out just what you can afford and what you want to pay in monthly payments.  When you find the home of your dreams you already have your pre approval from your bank, you will be looking at homes that are in your budget.  You may have to save more money or pay down those credit cards before you start shopping for your home, or you may be surprised that you can save money and start building equity by purchasing a home rather than renting.  

With today’s mortgage rates you can afford more of a home than ever before.  Take a look at the chart to see how your payment changes depending on what your interest rate is.  For more information on getting started with your home purchase click on the link on our website to be contacted and I will send you a packet on getting started.  I would be happy to meet with you anytime to help you reach your dreams in purchasing and positioning yourself to buy your new home.

 

Tags: first time buyers, home ownership, interest, lender, mortgage rate, saving, waiting