Staying ahead of the game.
Something to consider as average rent prices for a two bedroom is around $2,000, it is equivalent to a mortgage payment. Therefore, if you’re able to afford monthly rent, you may be able to afford to own. Why not invest in yourself and your future?!
A mortgage is often a necessary part of buying a home, but it can be difficult to understand what you can afford. A mortgage calculator can help borrowers estimate their monthly mortgage payments based on the purchase price, down payment, interest rate and other monthly homeowner expenses. I have developed a simple calculator for you to get an idea on your monthly payment. Try it out!
TIP: One good rule of thumb for how much home you can afford, is to calculate your home buying budget by the 28% rule. This rule states that your mortgage should not cost you more than 28% of your gross earnings each month.
There are many loan types and lender programs out there that best suits your needs (Conventional, FHA, VA, ARM, Non Income Check, etc.), it is always a good idea to consult with a lender and experienced mortgage loan originator. Please let me know if you need assistance in locating one for a consultation.