How Much House Can I Afford
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How Much House Can I Afford?
I want to buy a new house how much can I afford? This has to be one of the most nerve wracking problems in anyones life. Whether you want to buy your first house or your tenth house, you always worry about the affordability.
I remember sitting down with a pen and paper to work out how much house I could afford and the figures weren't what I had hoped for But I carried on looking for ways to improve my prospects by minimizing my outgoings.
Seriously if you're wondering "how much can I afford to spend on a house" you need to take into account some real solid facts
I want to buy a new house how much can I afford
I remember sitting down with a pen and paper to work out how much house I could afford and the figures weren't what I had hoped for But I carried on looking for ways to improve my prospects by minimizing my outgoings.
Seriously if you're wondering "how much can I afford to spend on a house" you need to take into account some real solid facts
I want to buy a new house how much can I afford
How Much Can I Afford To Spend On A House?
Dream Or Reality
First - The usual procedure is to calculate your annual salary and times "x" this by three, so if your annual salary is $50,000 then you would be looking at a mortgage of $150,000
BUT!
Over the past couple of years things have got really confusing...
Some mortgage lenders have changed their criteria, in some cases you can borrow up to 5 times your annual salary and repay the mortgage over 25/30/35 years.
This may look good on paper but before you commit to anything like this you need to look at the final repayment figure, you could end up paying back $800,000 for a house which had a market value of $250,000 which means that you will be in negative equity for ever unless the house prices in your area rise by a few hundred percent.
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BUT!
Over the past couple of years things have got really confusing...
Some mortgage lenders have changed their criteria, in some cases you can borrow up to 5 times your annual salary and repay the mortgage over 25/30/35 years.
This may look good on paper but before you commit to anything like this you need to look at the final repayment figure, you could end up paying back $800,000 for a house which had a market value of $250,000 which means that you will be in negative equity for ever unless the house prices in your area rise by a few hundred percent.
Click Here
Mortgage How Much Can I Borrow Affordably?
Here are a few realities for you
Getting a mortgage CAN be as scary as Hell! But It Doesn't Need To Be
- Most people don't know how to shop for a mortgage!
- The "system" is stacked against you!
- Mortgage companies will "gouge" you for extra fees!
Getting a mortgage CAN be as scary as Hell! But It Doesn't Need To Be
This is the GOOD part, I will show you how I got my mortgage with - The absolute "bullet-proof" way to choose which type of mortgage loan is right for you!
I saved thousands of dollars with this and I think that anyone looking to buy a house owes it to themselves to take a look at it after all Mortgage Lenders Are Going To Take You For Every Cent They Can Get.
One of the lenders I looked into offered me a 30 year mortgage, when I really went through the paperwork I found that in 15 years, i would have only paid off 25% of the principal loan - there was no way that i wanted to be paying off a mortgage from my rocking chair.
SO!
I stopped asking myself "How much house can I afford?" and started asking myself "How can I get more for my money?"
I saved thousands of dollars with this and I think that anyone looking to buy a house owes it to themselves to take a look at it after all Mortgage Lenders Are Going To Take You For Every Cent They Can Get.
One of the lenders I looked into offered me a 30 year mortgage, when I really went through the paperwork I found that in 15 years, i would have only paid off 25% of the principal loan - there was no way that i wanted to be paying off a mortgage from my rocking chair.
SO!
I stopped asking myself "How much house can I afford?" and started asking myself "How can I get more for my money?"
How Much House Can I Afford
My Conclusion
There really are ways to improve your chances of getting the home of your dreams without having to leave yourself broke each and every month from the repayments.
You can save yourself thousands of dollars.
You Do Not need to take the first mortgage offer you are offered.
Getting Pre-Qualified for a loan isn't worth the paper it's printed on!
How Much House Can I Afford
You can save yourself thousands of dollars.
You Do Not need to take the first mortgage offer you are offered.
Getting Pre-Qualified for a loan isn't worth the paper it's printed on!
How Much House Can I Afford
Everyone needs a little help sometimes so please feel free to leave some helpful advice.
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tdove
Apr 24, 2008 @ 12:10 pm | delete
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by squid-woman
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