Achieving the American dream of Homeownership
Is easier than you might think.
One of the first steps in reaching this goal is to understand what you will be able to borrow and determining a monthly payment you can afford.
The mortgage industry has adopted several rules of thumb that will help you get the ball rolling.
How Much Can I Afford To Pay Each Month?
A general rule of thumb states that you will be able to spend 28% of your total
income on a mortgage payment. The following chart will help you convert your
annual income into a monthly payment. This payment includes principal and
interest only. Factoring in unknown variables including taxes, insurance and
homeowners fees will increase your monthly payment and reduce the total loan
amount you will qualify for.
How much will I be able to borrow?
Now that you have an idea as to what you can afford each month, this
table will give you an idea as to the amount you will
be able to borrow. Add your anticipated down payment to
arrive at a purchase price limit.
These tables are designed to give you a basic idea of what to
expect as a homebuyer. It is important to recognize that your
specific situation is unique and there are numerous loan
programs to choose from. We are here to help you evaluate your
options and select the program that will be most advantageous.
Together we will find the best mortgage for you.
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