FINANCES

WHAT'S MY PRICE RANGE

 

Houses are expensive. Probably the largest purchase you’ll ever make. That’s why very few prospective homeowners have enough cash on hand to purchase a home outright. Instead, most home buyers seek financing—a mortgage—to cover the difference between what they’ve saved and what they need to buy a home.

Determining how much house you can reasonably afford, and the size of your mortgage, requires carefully evaluating:

  1. Savings—how much have you set aside to cover a down payment on your home, as well as your closing costs?

  2. Affordability—how much can you safely borrow, and still meet all your financial obligations?

A trained buyer’s representative can answer all your questions about factors to consider in evaluating your financing options and determining a reasonable price range for your home purchase.

 

Additionally, you can learn more by clicking the links below:

YOUR CREDIT RATING: 

APPLYING FOR A MORTGAGE:

MORTGAGE CALCULATOR - 

Mortgage calculators only estimate monthly loan payments. As a homeowner, you’ll also have to pay real estate taxes and insurance premiums (homeowner’s insurance and possibly mortgage insurance).

For simplicity, many homeowners elect to have their lending company pay these related fees for them through an escrow account, wrapping them into each monthly payment. Regardless of whether you decide to go this route, or pay taxes and insurance directly, you should also factor these home-related expenses into your budget.