How Much House Can You Afford?

Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand.

The first step is to find out what mortgage interest rates are at the current time. You can do this safe, fast and secure by asking us here. With a simple phone call, I can obtain any financial information you need, or even put you in touch with various lendors depending on your strategy for your buying process.

To obtain a very clear picture of how much home you can actually qualify for, the best idea is to contact a reputable, local lender and let them analyze your entire situation. If you don't have one in mind, or you feel a bit intimidated in doing this, I can put you in touch directly with a Coldwell banker Mortgage Consultant who can hold your hand every step of the way.

The lender can calculate your income-to-debt ratio, do a quick credit score and give you the information you need. Typically, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.

It can be very confusing to the un-trained professional. Don't try to navigate these financial waters alone. Allow me, Will Rogers, jr. to assist you bringing peace of mind and happiness in a time where the only thing you should be worried about is what color towels you want in your new bathroom!

I work with a number of loan officers and would be happy to recommend one right for you. Click here to contact me today. I am happy to help!