A lot of people who contact me like a house I have listed or want to check out some Carmichael homes, but that's about as far as they've gone in their purchase process, per say. Of course you like the house, but does it fit you financial situation??
Here's a couple of quick points that can help you determine if buying a house right now is workable for you and how much house you can afford: You need a decent income. Of course how much home you can afford is dependent on how much you earn, but more on that later. You'll need 3.5% of the purchase price for a down payment. There's no way to get around it. The money however, can be a gift from a relative! You'll need a steady employment. It doesn't have to be at the same job. Lastly, as far as a monthly payment you can figure that for every $100,000 you borrow you will pay $600-700 a month. So if you borrow $200,000 your mortgage payment will be around $1200-1400. By the way, if you're shopping for a home and want some loan info, click this link below for the best real estate website out there!
