Current Topic:
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. For professional advice on all
aspects of buying and selling real estate in the Ft. Washington, Upper Dublin,
Huntingdon Valley, Ambler and Maple Glen areas, please call me at 215-840-8200
or email me.
| REAL ESTATE TRIVIA |
| Q |
Which city in the U.S. has the longest formal name, but the shortest abbreviated name?
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| A |
El Pueblo de Nuestra Senora la Reina de los Angeles de la Porciuncula is the full name for Los Angeles, known as "LA". |
| More Real Estate Trivia |
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Ft.
Washington, Upper Dublin, Huntingdon Valley, Ambler and Maple Glen home sales
are growing!
A Ft.
Washington, Upper Dublin, Huntingdon Valley, Ambler and Maple Glen home is a
great investment!
Ft.
Washington, Upper Dublin, Huntingdon Valley, Ambler and Maple Glen homes sell
quickly!
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