There's 1 Reliable Way to Learn How Much Home You Can Afford

Reblogger Gita Bantwal
Real Estate Agent with RE/MAX Centre Realtors

If you are thinking of buying a home in Bucks County call me to be your agent.If you are buying a home in IL call Gene Mundt for help with your mortgage. 

 
 
There's 1 Reliable Way to Learn 
How Much Home You Can Afford 
 
 
Want to know how much home you can afford?  

To do that you must consider ... 
 
  • Your Income
  • Outstanding Debt
  • Credit Scores
  • Savings Accumulated for Down Payment/Closing Fees
  • Interest Rate
  • Loan Term
  • Property Taxes
  • Possible HOA Fees in play
  • More

Each of the items listed above should be likened to "ingredients" needed for a recipe.  Which ingredients ... and the amount of each ingredient used ... formulates YOUR personal home affordability recipe.  

So HOW do you figure your personal home buying and financing recipe?  How do you know WHICH "ingredients" are to be used?

If you're a prospective borrower that's already performed some research online, you've probably run across a very elementary bit of assistance in this regard ... home affordability calculators.  A myriad of websites offer them and they can help prospective borrowers understand the basics.

However, I must offer this word of caution regarding their use:  These calculators are only as reliable as the "recipe and ingredient" information plugged into them.  

And therein lies my concern for hopeful buyers - borrowers using these calculators.  They rely too heavily on the answers and findings received when using them ... and they think they're infallible or totally reliable.

I like to suggest to potential borrowers that they should not rely too heavily on the results found using these calculators.  The possibility of error is just too high.  Plug in the wrong info or numbers, erroneous information comes back.  Information that won't do anyone good and in fact, can actually cause harm.

Now don't get me wrong, home affordability calculators can be useful as a tool.  But for reliable definitive information regarding what you can afford and be approved for you must talk to a loan officer.  

That is why I always urge prospective home buyers - borrowers to reach out to a loan officer as soon as they decide to buy (or refinance) a home ...    

The following is just one example of why I believe in the wisdom of taking this action:
 
I recently had a client that, prior to contacting me, had utilized a home affordability calculator they'd found online.  

The client was absolutely 110% sure they already knew what price home they could afford.  Only thing was, they had used incorrect information ... incorrect "ingredients" ... when using the calculator.  

Upon hearing this, my client  went through a string of emotions and reactions. 
 
First, they were incredulous and mad.  Then frustration set in.  The "truth" was now their enemy.

Why?

The homes they had hoped to view and the areas in which they ultimately hoped to buy, were not really in their price range.  Their disappointment took a real toll on them.  They felt short-changed.  They were upset with me.  

It took them a good while to regain their emotional footing.  But eventually, their desire to buy a home returned.  They moved forward, received a Mortgage Approval, and closed their loan successfully.  

Now I know it seems like I beat this drum loudly and incessantly.  But I do so because I feel the message is important ...  

The earlier you talk to an experienced knowledgeable loan officer about your upcoming financing, the better.  The information gained ... the direction and guidance received ... can prove invaluable.

Prospective borrowers need to know:  There is no reason to delay or fear talking and consulting with an LO.  Typically there is NO cost involved for doing so. 
 
Consultations and resulting advice dispensed is freely provided with no strings attached.  This is a service I provide prospective clients in New Lenox - Will County - Chicagoland - IL - WI.  

What you gain from speaking to a lender can help save you money.  It can save you time.  And it can eliminate needless frustrations and stress.

I'd say that's the perfect recipe ...
 
 
* Hoping to Buy or Refinance a Home in New Lenox, Will County, or elsewhere in the Chicagoland/ IL - WI area? 

Contact me!  I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.  
 
I'm easily found at:

Gene Mundt
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed #216987
 
American Portfolio Mortgage Corp.
nmls #175656
 
Direct: 815.524.2280
Cell or Text: 708.921.6331
eFax: 815.524.2281
 

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

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Rainmaker
4,322,428
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning, Gita Bantwal good choice for a reblog.... I'll leave a comment on the original post....

Jun 15, 2018 03:55 AM #1
Rainmaker
4,315,817
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is a great post and an excellent choice for a re-blog, Gita.  Consumers can learn much by reading it.

Jun 15, 2018 04:25 AM #2
Rainmaker
1,334,248
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Gita, great choice to re-blog. Gene always gives excellent advice. 

Jun 15, 2018 05:40 AM #3
Rainmaker
2,788,966
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

It's always best to seek out a trusted lender and get the right advice before pursuing a hosue hunt !

Jun 15, 2018 05:59 AM #4
Rainmaker
4,656,296
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much, Gita, for sharing this excellent reblog selection.

Jun 15, 2018 07:56 AM #5
Rainmaker
3,576,151
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Gita, great choice for a reblog, and calling a reputable lender will give you the information you need.  Gene did a great job.

Jun 15, 2018 08:05 AM #6
Rainmaker
1,150,912
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thanks so much for sharing this info with your readers, Gita Bantwal ... hope it proves helpful ... and inspirational for those thinking of buying!

Gene

Jun 15, 2018 09:32 AM #7
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Barbara, thank you for reading

Jun 15, 2018 10:59 AM #8
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Gabe, thank you 

Jun 15, 2018 11:00 AM #9
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Amanda, I agree.

Jun 15, 2018 11:02 AM #10
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Sally, I hope buyers will read it.

Jun 15, 2018 11:03 AM #11
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Roy, thank you 

Jun 15, 2018 11:03 AM #12
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Joan, I agree.

Jun 15, 2018 11:03 AM #13
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Gene, I hope they will read it

Jun 15, 2018 11:04 AM #14
Ambassador
3,726,814
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Gene writes great content and knows the mortgage business well. This is very informative.

Jun 16, 2018 06:24 PM #15
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Debbie, I agree.

Jun 17, 2018 03:28 AM #16
Rainer
180,902
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

Thank you for re-posting this Gita. I had not seen it the first time and think it was very well written. I really like likening the information to ingredients in a recipe. 

Jun 18, 2018 08:54 PM #17
Rainmaker
4,053,707
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Libby, thank you for reading.

Jun 19, 2018 03:34 AM #18
Rainmaker
978,481
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Excellent choice for a reblog, Gita.

Jun 19, 2018 05:43 AM #19
Rainmaker
638,372
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning Gita Bantwal 

Thank you for sharing your information with us.

Have a great day. 

Jun 19, 2018 05:57 AM #20
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Rainmaker
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Gita Bantwal

REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
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