When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.
When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.
Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.
Thank you for visiting my website! I have taken the time to provide you with as many resources and tools as possible in one spot so to try and help make the home buying experience as easy as possible. Unlike the big sites like Zillow, Realtor.com and Trulia, the homes you see when you search from the pages here provide a real time list of properties available. That means you don't get your heart set on a home to see only to find out it's under contract because the big sites were not current.
Buyers: Check out the Mapping tool to look around town and see the community you might like to live in. Then use the ‘points of interest’ buttons to search for nearby schools, parks or even the closest coffee shop! Of course, there is nothing better than the personal touch, so contact me and let me know what you are looking for in your new home and I will provide you with a custom list of possibilities.
Sellers: List with me and watch what I can do! Custom web addresses directly to your property on both my personal website and my brokerages site will help market your property directly to buyers and increase the speed at which your property is found. I work with you to find the highest price for your home that will get it sold! Contact me today for a free, no obligation assessment.
Sign up with my website to receive free information or to ask any questions you may have. My no pressure approach means everything on this site is free for you to use and you only have to worry about contacting me when you are ready or need some help.