Tuesday, October 16, 2007

Why Get Qualified

Many first-time homebuyers have questions about the homebuying process. How much can I afford? What will my mortgage payment be? Do I need a downpayment? These questions are important and we can answer them for you. Before sitting down with a lender you should gather 2 years of taxes, a current paystub and 2 months of bank statements. Lenders generally qualify you based on your income and current debt load. If you have large car payments you will generally qualify for less of a house. As far as potential payments don't forget to factor in property taxes as a monthly expense. For example if taxes are $3000 annually they will be $250 monthly.

For every $100,000 you finance your payment would be about $630 based on a rate of 6.5%. Make a budget. Set up a savings plan and you will be on your way to home ownership.

No comments: