How much house can I really afford?

Sure, the bank might be willing to approve you for a large mortgage – but can you really afford it (comfortably)? Before house hunting, we recommend taking a good look at your overall income, current debt and monthly expenses.

This is a Financial Calculator so you will know you payments.

How Much of mortgage should I get?

Need to take out a home loan in order to purchase house? Carefully consider the type of mortgage you need. Different types of mortgages to consider include a conventional mortgage vs. a government-backed mortgage and a fixed-rate mortgage vs. an adjustable-rate mortgage.

Do I have good credit?

Without a solid credit score, you may not qualify for a home loan. In order to secure a mortgage, most banks require a strong FICO credit score. This high credit score proves that you have a history of paying off your debts and are a responsible borrower. Those with higher credit scores are usually able to put less money down on a down payment. 

What are the closing costs (and moving costs) involved in the sale?

Don’t forget to consider the closing costs (and moving costs) involved in the sale of a home. Many first-time home buyers only consider the cost of the home itself when house hunting. They forget that the actual cost of buying a home is expensive as well – not to mention, the cost of moving to that home. 

How good is the location?

When it comes to real estate, the most important factor in whether or not to buy a home is the location. Red Flags that should give home buyers pause, include: 1) If a home is located near a highway or loud area; 2) If the home is located near empty storefronts or a place where people and businesses are leaving; and 3) If the home is zoned for bad schools. Purchasing a home that is located in a safe area with good schools and close proximity to amenities will help its resale value and your quality of life on a daily basis.

What are the neighbors like?

Oftentimes, buyers are so focused on the home itself that they forget about the next-door neighbors. It’s important to remember, though, that these neighbors have the potential to add to or detract from your daily enjoyment, so be sure to consider who lives in the neighborhood before buying a house.

Is the house in good condition?

Unless you’re purchasing a fixer-upper with the intention to renovate, it’s very important to consider the overall condition of the home and its systems. Pay special attention to the bones of the house – not just the cosmetic features. The condition of the roof, HVAC unit, electrical wiring and plumbing systems are particularly important. Also, make sure to ask the sellers how old the systems are and when they were last replaced. Finally, whatever you do, don’t skip the home inspection.

Are there HOA fees?

Is the home part of a community with a homeowner’s association? If so, be sure to ask about the fees and services provided by the HOA. For instance, does the HOA cover the landscaping, pool upkeep and other maintenance services? You want to know what exactly you’re paying for when you pay to be part of an HOA.

We Have A Buyers Guide To Help You

Buyers Guide Click Here!