Feb 9 2018 52080 1

Dated: 02/09/2018

Views: 20

HOW MUCH MORTGAGE CAN YOU AFFORD?

Buying a home is a big decision. Since it is something most people do not do too many times in their lives, it might be difficult to know exactly how much of a mortgage one can afford. Here are three easy steps to help you figure out how much of a mortgage you can handle without going broke in the process.

Create a Budget Your first step is to create a budget so you can easily see how much money you have coming in compared to your expenses. Be sure to include both short-term and long-term investments and other savings. Make sure you have at least six months worth of mortgage payments in your short-term savings in case you experience an unexpected financial setback.

Account for Increased Expenses When you buy a home some of your expenses will increase and you will also have some new expenses that you have not had to worry about previously. You will need money for homeowner’s insurance, property taxes, utilities and possibly association dues on top of your mortgage payment.

Determine Your Optimal Mortgage Payment Your budget will spell out exactly how much money you have left over to pay your mortgage. If you cannot afford the mortgage payment you want to have, you will adjust some of your budget items. For example, you can look for ways to lower your car insurance costs or take a less expensive vacation.

Buying a home is exciting. But, you must be fiscally responsible about it. Before you jump into the home-buying process, have a plan, do your homework, and act wisely.

Search Homes For Sale | We're HIRING | Crypto Currency | Travel

Coverage Area

Acworth | Alpharetta | Atlanta | Austell | Avondale Estates | Ball Ground | Berkeley Lake | Big Canoe | Braselton | Brookhaven | Buckhead | Buford | Canton | Carrollton | Cartersville | Cave Spring | Cedartown | Chamblee | Chattahoochee Hills | Clarkston | Cleveland | College Park | Commerce | Conley | Conyers | Covington | Cumming | Dacula | Dahlonega | Dallas | Dawsonville | Decatur | Doraville | Douglasville | Duluth | Dunwoody | East Point | Ellenwood | Fairburn | Fayetteville | Flowery Branch | Forest Park | Gainesville | Grayson | Hampton | Hapeville | Hiram | Jasper | Johns Creek | Jonesboro | Kennesaw | Lawrenceville | Lilburn | Lithia Springs | Lithonia | Locust Grove | Loganville | Mableton | Marietta | Mcdonough | Milton | Newnan | Peachtree City | Peachtree Corners | Powder Springs | Riverdale | Rockmart | Rome | Roswell | Sandy Springs | Savannah | Smyrna | Snellville | Social Circle | Statham | Stockbridge | Stone Mountain | Sugar Hill | Suwanee | Talking Rock | Tucker | Union City | Villa Rica | Waleska | White | Winder | Woodstock | Zebulon


Blog author image

John Thomas

Hi, I'm John Thomas, and I am a full-time/full-service Realtor® at eXp Realty in Atlanta Georgia. I was born in Chicago, grew up in Elmhurst. I attended York High School and Loras College. I have a B....

Latest Blog Posts

Should You Jump Into The Current Real Estate Market

Deciding you’re ready to buy a house is a big moment in your life, whether it’s a first time purchase or you’re snatching up yet another investment property. The home buying process is fraught

Read More

Outdoor Kitchens Points To Ponder

Your new house has an awesome outdoor kitchen, or maybe you just had one installed, either way you’re all set to grill outside all summer (and maybe into the fall and winter, too). Have you

Read More

Choose Native Plant For Easy Yard Maintenance

Every morning when you look out of the window of your breakfast nook into your front yard, you’re met with the same green carpet, devoid of anything remotely interesting or different. It’s not

Read More

Solar Energy 101 Getting Started With Green

As spring begins to really set in across the country a lot of homeowners are finally getting out into the yard and garden, soaking up the sun’s rays. Something else is taking in the rays in a big

Read More