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Additional Details
Wow thank you all so much! T... |
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Valerie K | My Fiance and I are going to start looking for a house after the first of the year.? |
I have no idea on how to buy a house. We both have excellent credit, and are not in much debt (with the exceptipion of my car). Our yearly income's combined ranges between $70-75 thousand. My questions is, what do you think we would be able to afford?
I would like to just get a general idea, so i know not to get my hopes up, also, so I can start looking in certain areas featuring that price range.
Thank you for your thoughts! |
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BaileyBaby
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for now, go to realtor.com, they have calculators based on how much it would cost for you ---highly recommend speaking to a mortgage broker and a reputable realtor |
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Dr. Deth
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old time rule of thumb was 2-1./2 time your salary is the limit on the house price you can afford - you should try and stay under 40% of your take home pay for mortgage principle and interest, real estate taxes, PMI insurance if needed and homeowners insurance, which are all usually included in the total mortgage payment. utility costs will be higher than an apartments, plus you now get to pay for water, sewer and trash (those run about $45/mo for me in a Phila, Pa suburb - small house |
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I_Love_McRedneck
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Everyone will tell you the rules are 28 and 36%
I'd suggest coming up with a monthly payment that you're comfortable with. Bankrate has a calculator thatwill tell you how much home you can buy with the monthly payment you want to have. It really depends on the kind of lifestyle you want to maintain. I could technically afford to pay twice as much for my house as I'm planning to spend. I personally would prefer to continue going on vacations each year and having money for going out to dinner, etc. So, I've decided to get a smaller house - it's just the two of us, why not, right? |
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godged
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There are a ton of calcluators on the internet you could use for this information. Anyone who provides a range here is guessing, as you didn't provide enough information.
What you can get pre-approved or pre-qualified for is one thing, knowing what you can comfortable afford is another.
I know I could go out today and get pre-qualified for WAY more than I could afford, and that is how people get themselves into trouble. They see the big house with the nice amenities and then they cannot make the payments while maintaining their lifestyle.
Dont go to internet lenders, they won't know about programs available locally to you. Contact lenders in your area and get started. A good mortgage lender will explain everything to you so you are completely informed and comfortable with the process. |
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EvilWoman0913
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Check out this site. It can help you decide what you can afford. There is mortgage calculator on the site, but there are also others like the the one I'm including. They can be very helpful when trying to make a decision. Good luck!
http://www.realtor.com/
http://www.yourmortgagecalculator.com/ |
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Vick Masterson
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This question can be answered by a mortgage broker or loan specialist. They will ask you a few questions about your job, your finances, and credit score. Based on the information you provide they will be able to "Pre-Approve" you for a certain amount of money. They may also ask for your SSN. Any mortgage banker can pre-approve you at no cost or obligation. You will need this pre-approval letter to make an offer on a home.
My advice would be to ask people you know who own a home to refer you to their mortgage people. If they have had a good experience with someone, they would be happy to give you their information. DON'T take just anyone's advice. There are lots of mortgage people that will tell you that you can afford an outrageous price and when it comes down to the sale, they won't follow through. So go with someone that you can trust (Or a good referral from a family/friend).
This is absolutely the first thing you should do. Many people do this backwards (Start looking for a home and then get pre-approved), its good to see you will be starting your home buying process the correct way. |
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Marysue
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Don’t trust a bunch of people on the internet for this. Talk to some pros, namely a loan officer & a buyer’s agent. Ask your friends and family for referrals and talk to several.
A loan officer can explain all of the financials. They, better than an online calculator, can show you what you can afford. It is vital that you speak to a loan officer before you look at homes so that you know what’s realistic for you.
A buyer’s agent will walk you through the house end of the deal, making sure to find a property that meets your needs and representing you during negotiations.
A good buyer’s agent shouldn’t take you out to look at anything until you have spoken to a loan officer. They don’t want you to get your heart set on a 500,000 property if you can only afford 250,000.
http://www.hud.gov/buying/comq.cfm |
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Searchlight Crusade
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Here's a step by step guide figuring out what you can afford
http://www.danmelson.com/2007/03/should-i-buy-a-home-part-1-pre.html
Short answer: Multiply gross monthly income by 45%. From this subtract current debt service. What's left is the total monthly cost of housing. This needs to cover
The loan
Property taxes
Homeowner's Insurance (mandatory if you get a loan)
HOA dues (if any. If it's a condo, HOA dues will usually include a master policy of insurance, rendering your individual unit policy non-mandatory, but still a good idea)
Special assessments, Mello Roos, etcetera.
To illustrate, if you've got a monthly gross of $6000 ($72k per year), a forty five percent debt to income ratio gives you $2700 per month that you can afford.
From this, subtract car payments, student loans, credit cards, installment debt. What's left is your total housing budget. Needless to say, you can afford more house if these payments are smaller, or non-existent.
Right now, A paper 30 year fixed are right at 1 point for a thirty year fixed, A paper. You can use this, your area's property tax rules, and an approximate cost of homeowner's insurance, to figure out "Can I afford this?"
Many real estate agents like pre-qualifications and pre-approvals. They're a piece of paper that says to the seller, "I did my due diligence," and that's really all they're worth - false peace of mind. 99.9% of the time, pre-qualifications and pre-approvals are is a waste of paper. About 40% of all escrows around here are still falling out due to loan qualification problems, even with those pieces of paper. Or 60% plus of escrows succeed without them. You tell me how effective they are. The people may actually qualify, or they may not. Until you've got an actual loan commitment, there's no real way to tell. My attitude on both pieces of paper is: "I'll do them if it makes the listing agent happy so they counsel their seller to accept my client's offer. The welfare of their client is not my concern." But when it comes to my listings, I get real client information that tells me whether or not a loan can be done. The only prequal or preapproval I trust is one that I wrote. |
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REALTOR
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Start with talking to a Realtor in your area! It doesn't cost you anything to have a Realtor working for you when you are a buyer.
A Realtor will answer all your questions and help you with financing. |
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