Page 20 - IGo Realty

iGo Realty
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 20