Yes, You May Qualify For More Home Than You Can Afford!

Yes, you may “qualify” for more      

home than you can “afford!” 

Even in today’s more complicated

lending environment, it’s still

common for lenders to “qualify”

Buyer’s for more than they can “afford” because the lender is calculating debt to income ratios the same for everyone but individual lifestyle determines an affordable mortgage. 

Two Buyers with the same income and same debts might live  very differently;

Eating out is generally more costly than cooking at home.  

Renting movies is less expensive than going to movies.

Running is a free hobby whereas golf can be quite costly.

Sending a child to private school takes a huge bite from disposable income.

Annual vacations requiring passports cost more than “staycations.”

A passion for jewelry or the latest fashion will mean sacrifice elsewhere 

Higher deductibles on a health insurance plan and/or chronic illness requiring drugs can involve expense as  predictable as a car payment . 

Buyers who understand what       

they  can ”afford,” recognize

their take-home pay is the

starting point for a budget

factoring food, clothing,

entertainment, medical and

 incidental expenses.  They consider savings for major purchases, periods of unemployment and unplanned and/or unavoidable expenses to be part of the budgetary process. 

In Summary, the buyer with a budget understands they’ll “qualify”for more home than they can comfortably “afford!”