NewBuyer Blog » home affordability

How Much House Can You Afford?

Elizabeth Dennis — Tue, 05 Jan 2010 16:59:49 +0000

A concise, yet helpful look at how to answer the question: “how much house can you afford?” View a quick checklist of important questions to answer before committing to buying a home.

From the resource: “I strongly suggest you save a down payment of 20% or more, choose a 15-year (or less) fixed-rate mortgage, and limit your monthly payment to 25% or less of your monthly take-home pay.”

Source: CBN

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Is Homeownership Right for You?

NewBuyer — Fri, 18 Dec 2009 14:00:50 +0000

Ten questions to help evaluate if you are ready for homeownership. You will first look at your current situation, i.e. your income, employment, debt and savings. You will then evaluate your future plans with regards to lifestyle, a growing family, wedding costs and college education.

From the resource: “Buying a home is the largest purchase most people will ever make. Homeownership has great benefits. Homeownership also comes with certain responsibilities.”

Source: Freddie Mac

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How to Prepare for Buying a Home

Elizabeth Dennis — Tue, 08 Dec 2009 18:03:30 +0000

A useful look at how to prepare for the purchase of a home. Learn the importance of not borrowing more money in terms of new credit cards or loans (such as a new auto loan) as you prepare for a mortgage. Limit major changes in terms of moving money around, changing jobs, etc. See how to correctly estimate your monthly payment and budget for your mortgage.

From the resource: “Your home will likely be the single largest debt you will take on and represents the greatest risk in the eyes of potential lenders. With lending rules tightening, it’s becoming more and more important that you make yourself look as safe as possible. Safe means as little debt as possible and as little access to credit as possible.”

A useful guide to preparing for buying a home loan. Learn the importance of not borrowing more money in terms of new credit cards or loans (such as a new auto loan) as you prepare for a mortgage. Limit major changes in terms of moving money around, changing jobs, etc. See how to correctly estimate your monthly payment and budget for your mortgage.

Source: Get Rich Slowly

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How Much Can You Spend For Housing?

NewBuyer — Mon, 07 Dec 2009 17:00:43 +0000

A detailed, yet easy-to-use tool to see how much money you can spend for housing. The calculator has two parts. The first part calculates how much of a mortgage payment you can afford with your current expenses. The next part will give you future numbers as it factors in the expenses your new home will present.

Sample results from the resource: “Based upon the values you have entered, you will (will not) have enough money to cover the cost of the house you want to buy.”

Source: Kiplinger.com

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Can I Afford to Buy a Home? And Do I Want To?

Elizabeth Dennis — Mon, 23 Nov 2009 16:14:54 +0000

One of our favorite looks into the question; “Can I afford a home?” The resource suggests “before you start worrying about how much you can spend on a home, you need to figure out how much you want to spend on a home.” Learn how to track housing and non-housing expenses, define your savings goals, figure in your credit rating and weigh the potential sacrifices of home ownership.

Source: FiLife

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