How Much Home Can I Afford?
	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.

For more information on preparing your home to sell, or on any facet of buying or selling a home, contact Charlie Worsley, charlie@gundaker.com or Ron Scaliere, sellhome@msn.com at Coldwell Banker-Gundaker St. Charles.

For more information on selling your home, contact Coldwell Banker-Gundaker - St Charles. The place to turn for all of your real estate needs.

Coldwell Banker-Gundaker St. Charles
1796 Zumbehl Rd
St. Charles, MO 63303
Office: (636) 946-6455
Email Charlie at charlie@gundaker.com
or Email Ron at sellhome@msn.com
Fax: (636)946-3655