You’ve got power. More power than you may have thought. And though we may need to adjust a few things here and there to make things happen, the point is, we can make things happen. Working together, we’ll find those lending options that allow more people to buy their next home. Using creative funding options and a little ol’ fashioned ingenuity, we help clients discover what level of home they can truly afford, making the process of home buying less frustrating or confusing.
By assessing your income level, down payment amount, debt ratio and loan type, we are able to come up with a true estimate for home affordability.
Income level – No affordability assessment could be considered credible if it didn’t first look at your annual household income. Your earnings play the biggest part when determining just how much home you can afford. These earnings include wages, salary, tips, commission, child support and any other forms of income you and other members of your household earn during the year.
Monthly spending – Your ability to pay a monthly mortgage also depends on how much of your income you actually spend throughout the month. We encourage that you reduce your debt to income ratio as much as possible before beginning your home search, as your perceived ability to pay weighs heavily with lenders and financial institutions.
Credit Scores – Though it may have little to do with the affordability assessment, your credit score will be considered during the loan process. The higher your credit score, the more lending institutions will want to work with you, and the lower your interest rate will be. Meaning lower payments overall, your credit score could help you save thousands over the life of the loan.
Other factors such as your down payment amount, your loan terms, the APR and property taxes also play important parts in determining the level of home value you can realistically afford. Never use any agent that pushes you to buy a home that is listed for more than you feel comfortable with. Your agent should have your long-term goals in mind and getting you in over your head is never recommended.
Let us help guide you to a home in your price range; a home that provides the solutions you’ve been looking for; a home that ensures stability and security for both the short and long-term.
As your partner, we’ll guide you to making the most sensible solution for you and your family. Call us to set up a personal consultation now.