Can I Afford This Mortgage in Lakewood NJ?

By
Mortgage and Lending with TD Bank 466521

Can I Afford This Mortgage in Lakewood NJ?

The very first question that you should ask yourself when buying for the first time is: “Can I afford this House?” Though the concept is straightforward, there are a lot of factors that are going to affect your choice. 

It is best to stay prepared and get some background research done so that you have a head start on what range of houses you should be looking into. Aside from rough calculations and estimations, online calculators are also a great tool in finding how much of a house you can afford.

Basic Points to Consider

The first thing that you will need to look out for when buying a home is getting qualified for a mortgage loan. Getting a mortgage loan approved depends upon several factors, including:

  • •Your monthly income
  • •Your credit scores
  • •The down payment you put in
  • •Any existing debt on your account etc.

Aside from these basic factors, the current situation of the housing market also has a large impact on your mortgage loan. These include the mortgage term you select, the current interest rate of the market and any mortgage insurance you opt for if your down payment is less than 20%.  This basic information can be entered in a mortgage affordability calculator online which will provide you an approximate figure of how much the house is going to cost you and what amount will you have to pay for it each month. Based on these numbers you can figure out which houses to look for and how much loan can you afford within your current income.

Get in Touch with a Bank

While using an online affordability calculator can provide you with approximate numbers only, consulting a bank will provide you an exact figure of how much you need to invest for the house that you are looking for. The mortgage pre-approval process is therefore a more helpful and viable choice. It saves you from any unexpected surprises down the road and helps you find a home that you not only like but also are able to afford in the long run. 

Make a Practical Choice

Remember that the preapproval amount and any other calculations that you make provide you with a maximum amount that you should not exceed when buying a home. However, it is always a good idea to think proactively and make an informed choice that does not max out on your current credit possibilities. Instead of burdening yourself with a down payment and monthly installments that barely leave you room for savings, you can look for houses that stay within your budget and also give you the opportunity of saving up for the future. For a pre-approval  or to review your monthly payments go to www.tdbank.com

 

Advantages of Choosing a More Affordable Home 

If your mortgage payments are lower, you can also pay up your loan faster which saves you thousands of dollars worth of interest. Furthermore, you can also use the extra cash to add up on amenities and upgrades to remodel your home! 

Choosing a more affordable home also provides you with peace of mind and financial stability later on, especially if the rates increase in the future or any other unfortunate circumstances arise. This way, you will be able to keep up with the payments in case of any financial upheaval and the risk of losing your home altogether decreases substantially.

A little planning today goes a long way in securing your finances and your home in the future! Therefore, the next time you start thinking whether or not you can afford buying a particular house, make sure you consider all these factors before making a final decision. Good luck and happy house hunting! 

 

Can I afford this mortgage in Lakewood NJ is posted Tony Busanich a loan officer with TD Bank, a portfolio lender from Maine to Florida. You can trust TD Bank to deliver a superior mortgage experience. Whether you’re purchasing or refinancing, we provide straightforward, easy-to-understand products and advice, allowing you to make smart borrowing decisions that meet your needs today and tomorrow. Please contact me at 732-306-2231 or by email at tony.busanich@td.com 

Comments (15)

Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is good information for consideration by prospective mortgage borrowers.

Nov 03, 2020 11:05 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thank you Roy.

Nov 03, 2020 11:13 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tony, excellent information, as buyers should not get into a home, only to discover the bit off more than they can chew! 

Nov 04, 2020 07:25 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thank you Joan.

Nov 05, 2020 07:44 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Tony and thanks for sharing this blog with us here in the rain.  Make it a great day!

 

Nov 05, 2020 08:10 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Yes, being prepared and know all your numbers and expenses before making an offer on a Lakewood NJ homen and all over the country!

Nov 05, 2020 09:34 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Friday morning, Tony.

Take care, be safe and have a great day.

Nov 06, 2020 05:46 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thank you Will, wish you all the best.

Nov 06, 2020 08:27 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thanks Larry & Sheila, I agree it a great idea all over. Enjoy the weekend.

Nov 06, 2020 08:29 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thank you Roy, have a great weekend.

Nov 06, 2020 08:29 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tony, your post gives your readers lots of great information, especially if they are ready to buy.

Nov 09, 2020 06:39 AM
Tony Busanich
TD Bank - Freehold, NJ
1-4 RESIDENTIAL FAMILY LOAN SPECIALIST

Thank you Joan, enjoy the week.

Nov 09, 2020 11:31 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Happy Thanksgiving to you and your family Tony!  Be safe and healthy! 

Nov 26, 2020 07:01 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Tuesday morning, Tony.

Have a very productive December.

Dec 01, 2020 06:44 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tony, it looks like it is time for another post!  We need your expertise!  

Jan 18, 2021 08:12 AM