Though you may be willing to spend a certain amount, the real determination of how much house you can afford is driven by how much a lender calculates you can afford. So before you begin to search for the perfect house, it is very important to begin the homebuying process by getting preapproved. Getting preapproved for a home mortgage loan will provide you with a preliminary statement on the size of loan for which you can qualify. Knowing this, you can then focus your home search.
In general, lenders allow your total monthly housing costs to go as high as but not more than 30 percent of your gross monthly income. The second requirement is that not more than 36 percent of your gross monthly income can be tied up in the total monthly house payment and payments on long-term debt.
Visit my Website to read more and for adiitional information about obtaining a mortgage. Please feel free to give a call anytime for assistance with the home buying process!
Stacy Schnell – Realtor Associate – Cell: 856-364-0772
The down payment. Cue the dramatic, fear-filled suspense music. Yeah, it’s scary. Coming up with enough cash to put down when buying a house is the single biggest roadblock for most hopeful home buyers. But how much do you really need?
What is a down payment?
A down payment is the cash you pay upfront to get a home loan. It is deducted from the total amount of your mortgage and represents the beginning equity — your ownership stake — in a house and property.
This excerpt from Nerdwallet.com CLICK HERE to read more.
Below is a link with a few handy tips for first time home buyers.
The most important thing you can do is hire a full time professional to help guide you throught the process. Please feel free to give me a call anytime. Whether buying your first home, 2nd home or making an investment I would be happy to assist.
Stacy Schnell 856-364-0772
Click here for a few testimonials:
- Keep balances low on credit cards and other “revolving credit”. …
- Pay off debt rather than moving it around. …
- Don’t close unused credit cards as a short-term strategy to raise your scores.
- Don’t open a number of new credit cards that you don’t need, just to increase your available credit.
If time is a factor, here are four ways to improve a credit score in 30 days:
- Correct any errors on the credit report. …
- Become an authorized user. …
- Raise your available credit. …
- Negotiate. …
- 1. Make minimum payments on time. …
- Reduce debt-to-income ratio. …
- Have a good mix of debt.
Call today for more information on how to get yourself prepared to purchase a
real estate for sale! Located in the city Millville
part of Cumberland County
, this home is move-in ready two story home on private lot in Whitmarsh Estates. Renovated kitchen has breakfast bar, granite counter tops, tile flooring, tile backs plash, double sink and recessed lighting. Kitchen opens to family room with hardwood flooring and cathedral ceiling. Formal living room has cathedral ceiling with skylights, hardwood flooring, crown molding and a wood burning fireplace. Florida Room with hot tub off of family room leads to large rear deck with retractable awning. Paver walkway & patio w/ fire pit. Dining room, laundry room and half bath on first floor.
Spacious master bedroom with full bath. Master bath has tiled stall shower and tiled flooring. Full basement, one car attached garage with auto
door opener, roof 2 years old. Natural gas heat and hot water, public water and sewer, shed. Rieck Avenue Elementary School
. Convenient access to Routes 49, 47 and 55.
Give a call or send a text today and ask about property #57.
BHHS Fox & Roach Realtors
Building Dreams One Home at A Time!
Buying a home can be nerve wracking, especially if you’re a first-time home buyer. Not only is it probably the biggest purchase of your life, but the process is complicated and fraught with unfamiliar lingo and surprise expenses.
To make the first-time home buying journey a little less stressful, 25 tips to help you navigate the process more smoothly and save money.
This excerpt from USA today, please click below to read full article: