Page 16 - Stone Real Estate - Home Buying Guide

Stone Real Estate
Establish a a a Price Range
Now that you
you
you
know how how much much you
you
you
can qualify for it’s time to to decide how how much much you
you
you
you
you
want to to to spend on on the the new home These are not necessarily the the same thing? Even though you
you
you
can qualify for up to to about 31% of your monthly gross income that that doesn’t mean you
want to to do do that that It’s easy to to be excited about a a a a a a a a a price range and pre- qualification but before you
head out to to see homes take a a a a a a a moment to to understand how that monthly mortgage payment might affect your lifestyle What other expenses do you
you
you
need to include in in your monthly expenditures? Do you
you
you
enjoy dining out out on on a a a a a a a a a a a regular basis or perhaps a a a a a a a a a a a round of Sunday golf? What about vacations and children sports clubs There are many other demands on our income and and it’s easy to feel “house poor” by delegating too much for the mortgage payment Lenders will help you
you
you
consider all your loan options as as well as as give you
you
you
an an estimate about extra costs involved in in in buying a a a a a a home home such as as homeowner’s association dues property taxes and extra fees It’s important to remember that these costs will vary depending on the the home you
find to buy: for instance homeowner’s association fees can vary drastically from one community to another As you
you
you
you
review the the information you
you
you
you
receive from your lender make sure you
you
you
you
notice how much is budgeted for these extra fees The last step you
you
should take is to consult your tax professional Learn how a a a a a a possible new purchase will affect your taxes If you
you
you
are a a a a a a first time home buyer you
you
you
might find that even with a a a a a a a a larger monthly payment you
actually save money due to the tax savings 16