DETERMINE WHAT YOU CAN AFFORD
Knowing what you can afford is every bit as important in the home search process as what kind of home you're looking for.
Determine how much you can afford!
Affordability includes three things:
1) How much you can afford to borrow.
2) How much you have for a down payment. And no, you do not need 20%.
And finally, 3) what payment amount you're comfortable with each month.
Set a budget for yourself and decide how much you are comfortable with and how much you can afford. Be realistic. Most lenders suggest that your payments be no more than 28 percent of your total monthly income. But this varies with the type of loan.
With a payment range in mind, it's time to talk to a lender about your financing options and begin the pre-approval process.
Don't know where to start or who to call? I can help with that too.
Contact me if you have questions about the home buying process or to learn more about your financing options. I can be reached at [email protected] or by phone at 919-455-8265.
A native of North Carolina, Cary grew up in the Triad and has spent most of her adult life in the Triangle. When Cary and her husband returned to NC in 1999, they decided to call Cary NC home. Since....
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