Your house will likely be the biggest purchase you will ever make in your life. Thus, the team you surround yourself with (real estate agent, loan officer) is so crucial in this process. Join us as we walk through choices you can make today to ensure you’re ready to purchase that house of your dreams.
Your house will likely be the biggest purchase you will ever make in your life. Thus, the team you surround yourself with (real estate agent, loan officer) is so crucial in this process. Join us as we walk through choices you can make today to ensure you’re ready to purchase that house of your dreams.
“You don’t own the home; the home owns you!”
This goes for everything – our car, bills, anything we have an ongoing monthly payment on. You also must factor in that you don’t just purchase a house and then you’re done, you just bought into a multiple monthly payment, from water to cable bills. For instance, here in Arizona, your electrical bill is like your car payment in the summer. And closing costs? That will be between 1.5-2.5% of your home purchase price, in addition to a prepay of home insurance one year in advance.
Here’s some simple mortgage math - take what you make per month, divide it in half to automatically remove things like standard utilities, then subtract your credit obligations. – then that will tell you what you can afford monthly based on just your income. What this doesn’t tell you is “should I afford that”, which is more of a fluid question.
These figures might sound daunting, but we are here to equip you with financial confidence as you purchase your first home. Your game plan for homeownership might be for today, six, or twelve months down the road, but bottom line is if you don’t have a game plan you don’t know where you’re going.
Andrew Karam: website | facebook | linkedin | instagram | book a call
Kevin Booth: website | facebook | linkedin | book a call