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Common Mistakes Made by First Time Home Buyers
As with most important transactions, “we don’t know what we don’t know”. This relates to real estate and other transactions for which we have little experience and is why it is important to consult an experienced realtor who can represent the first time buyer. Buying a home can be exciting and fun, however it can also be frustrating and exhausting unless you have done some prior preparation to determine affordability, future plans and needs.
How Much House Can You Afford?
Most home buyers do not know where to begin when determining how much house is affordable. Typical wisdom begins by looking at a debt (mortgage payment, credit card debt, car payments, etc.) to income ratio of no more than 40%. Based on a monthly family income of $4,000 per month, this means your total debt should not be more than $1,600 per month. According to a mortgage calculator found at www.cgi.money.cnn.com/tools/houseafford/houseafford/html a family with this income could conservatively afford a monthly house payment of $780. This equates to a home price in the range of $80,000.
Avoid Foreclosure by Working with a Short Sale Expert
Many homeowners are finding themselves “upside-down”, meaning that they owe more on their home than the current market value. What factors have resulted in many owners finding themselves in this position?
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