How much house can you afford? – Cheryl Talbot , ABR, GRI – [BUTTON NAME]

Before You Look at Your First House

Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.



Here are the questions that each home buyer should ask:

  • How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
  • Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
  • How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
  • What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.

The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).

Home Status Report

Want to know if a home is still on the market, or if the price has changed? We can help. Simply fill out the information below and with no obligation to you we'll get back to you with your requested information. We guarantee your privacy.
 
Your Information
*Name:
*Email:
Phone:

Property Information
Property 1:
Property 2:
Property 3:

Note: Fields with an * are required

Rose and Womble Realty 123 S. Lynnhaven Road Virginia Beach, VA 23452
Phone: Cell: Fax: Pager:

Why Get An Inspection? | ResultsforYou | Why Choose Me | Contact Cheryl | Lead in the Home | Insurance Closing Costs | Getting the Highest Price | Free Home Valuation | Find A Home! | How Escrow Works | Hampton Roads Relocation Expert | Resume | Accomplishments/Accreditations | SEARCH MLS LISTINGS HOMES | MilitaryRelocationSpecialist | HAMPTON ROADS PERFORMS | Buy Homes Norfolk | Today's Buyer | Buy Homes Chesapeake | Your Local School Connection | Best Local Neighborhoods | First Time Home Buyer | Va. Beach Real Estate Homes | BuyHomesVaBeach.com | Closing Costs | First Time Buyers | Get Pre-qualified | Inspection Tips | Looking to Buy? | News | YourLocalRelocationSpecialist | Our Homes For Sale | Looking to Sell? | Home | Applying for a Loan | Your Buying Power | Writing the Offer | Locking in Rates | Staging Your Home | Staging Checklist | 9 Steps to Owning | Fixed Rate Mtg Calc | 15 vs 30 Year Mtg Calc | Rent vs Buy Calc | Mortgage Calculators | Your Dream Home | 9 Steps to Ownership | How to Sell Your Home | Staging Your Home | Be Accessible! | Buying Foreclosures/REO's | Contingencies in Contracts | The Back Yard | The Kitchen | Flowers Add Curb Appeal! | Fixer Uppers | My Blog

Copyright © 2014 Cheryl Talbot , ABR, GRI,e-PRO,SFR
Portions Copyright © 2014 a la mode, inc.
Another XSite by a la mode, inc. | Admin LoginTerms of UseSite Map
All rate, payment, and area information are estimates and approximations only.



 
State:
County:
City:
Zip: