Applying for a mortgage and buying a house are major financial decisions that affect your bottom line for years to come. It’s important to understand how much “HOUSE” you can afford. And the mortgage payment by itself is just one factor to consider. This is where a lender helps make sure you’re able to pay back your home loan in full along with additional details. It’s up to you to determine your monthly payment and how it will impact your financial goals, such as saving for your child’s college education or even your own retirement. However, insurance needs, maintenance costs and utilities are all factors you need to consider and acknowledge when determining how a monthly payment fits into your finances. Being honest about your finances and financial outlook for calculating the monthly payment you can comfortably afford helps you save you money and stress in the long run. Affording loan payments is one thing…buying a house the right way is another. We’re here to help. Ask us how.
*Not intended as real estate, accounting or investment advice. Contact your financial representative for more information.