Do You Know How Much Home You Can Afford?

Do You Know How Much Home You Can Afford?

Do You Know How Much Home You Can Afford?

When the situation entails your mortgage and the future purchasing of your home, do you know how much home you can afford?

Whether you are a first-time buyer looking for your very first house or a seasoned veteran trading up to your ever – since – you – were – a – child – dream home, you have to know how much home you can afford. You are probably asking yourself the following questions: Can I afford this? Is this the right time to move?

All fair questions that are necessary for all potential homebuyers to ask. Here are a few things you should know about buying a home and how much you can afford.

Income Questions You Have to Ask

  • How secure is my current job?
  • Do you work in a commission-based job? And are you confident that your ability to maintain a stable income will remain?
  • Do you expect you and your co-borrower’s income to increase or at the very least to stay the same?
  • Are you expecting or planning to have a child in the near future? How will this new baby affect your budget once it is born? Will one of you be staying home to take care of the baby (which may reduce your monthly income)?

Monthly Budget

In order to properly predict how you will pay for a mortgage, you have to sit down and do a bit of research on what will take your money. Things like transportation, bills, utilities, education, entertainment, food, health, personal care, pets, taxes, and other monthly expenses.

When it comes to something as important as your future as a homeowner, you have to know how much home you can afford before you trap yourself into a 30-year contract. Contact Elvin Wesley at Ranch & Coast Mortgage Group Inc. for all of your home loan needs throughout Solana Beach and San Diego County, as well as all of California.