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First Time Buyers >Affording A Home
Are you getting ready to buy your first home? It is important to know how much you can afford before you begin looking at properties. Talking with a lender and getting pre-approved for a loan puts you in a stronger negotiating position with sellers.
As a rule, your monthly housing costs should not exceed 28% of your monthly pre-tax income. These costs include the mortgage payment, real estate taxes, and insurance. If you have long-term debts, such as student loans or car payments, your monthly payments, including your housing costs, should be less than 36% of your pre-tax monthly income. Some loans, such as VA and FHA loans, are more flexible with these basic guidelines.
Depending on which type of mortgage you select, you can consider houses in various price ranges. An adjustable-rate mortgage will usually enable you to qualify for a higher loan amount. Your real estate agent can help you make the basic calculations. Remember that buying at the top end of your price range gives you more time to outgrow your home, and can save you money over the long term.
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| Q |
What country of the world has the highest percentage of private housing?
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| A |
Mongolia, where 100% of all properties are owner-occupied. |
See More Real Estate Trivia > |
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Ackerman Realty Group A Team of Top Real Estate Professionals 2280 Satellite Blvd. Duluth, GA 30097 770-843-4300 Fax: 678-298-6758 RogerAckerman@NUMBER1EXPERT.com
Buyers and sellers;discover the strategic advantage of honesty, dedication and trust. Roger is committed to total customer satisfaction. He has carefully put together a group of top real estate professionals to assist him in all phases of the business and transactions. Rest assured, The Roger Ackerman Real Estate Team will always be available to answer your questions and be there for you every step of the way.
Open communications daily or weekly, what ever it takes, between Roger’s team and the clients is paramount and they promise you will never be left in the dark. Roger’s team shows and proves they are Consumer Centered and Results Focused. . Roger and his team stand by a strict moral and ethical code while working for you and is a big reason why The Roger Ackerman Real Estate Team has been so successful.
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