 Rilla Miller Coldwell Banker Gundaker #1612 Country Club Plaza St. Charles, Mo. 63303 314-414-1129 Pager 636-946-3655 Fax 636-946-6455 Office Email: crmille@cbgundaker.com
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How Much House Can I Afford? |
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Before you begin
looking for For Sale signs, do your homework to know what you can
afford to spend on a home. Review your budget and determine how much
you want to pay each month. Lenders will consider the home's sales
price and your down payment in determining how much to loan you, but
you need to determine how much you feel comfortable paying each month. |
| In addition,
remember that housing costs are usually more than just mortgage principal
and interest; they often include property taxes and insurance. As
a general rule, your monthly housing cost should not exceed 28 percent
of your gross monthly income. If you have long term debt (car payments
or credit card balances), that monthly debt plus your house payment
shouldn't be more than 36 percent of your monthly gross income.
Since many lenders offer mortgage pre-approvals, you might want to meet with a lender early in the home-buying process, so that you know what size loan you qualify for. |
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| For more information on preparing your home to sell, or on any facet of buying or selling a home, contact Rilla Miller at Coldwell Banker Gundaker St. Charles. |
