Albuquerque Homes and Lifestyle Blog

head_left_image

So How Much House Can I Afford

I was having a conversation the other day with a potential buyer and the discussion  turned to the loan process, financing and affordability.  So how much house can I afford was the question and as I navigated through that with my finance calculator I could see we were not seeing eye to eye on the payment numbers.  After some questioning they shared that they had been using an online mortgage calculator.  They had made their determination of affordability based on that calculator.  

Unfortunately most online calculators fail to figure Hazard Insurance, Property Taxes and So how much house can I afford.  The not so accurate mortgage calculatorMortgage Insurance plus this buyers interest rate was going to be bit higher than the calculator had suggested due to income and credit items.  Obviously there was a substantial gap between what they had thought a payment was going to be verses the actual payment.

If you're asking yourself How much house can I afford consider contacting your local Realtor® for a more accurate analysis of what a payment might look including the principal, interest, taxes and insurance (PITI ). If you are not applying 20% of the purchase price as down payment there is a good chance you will have mortgage insurance added to your payment.   Your local Realtor® can also make some excellent suggestions for a local professional lender that can find the mortgage solution that is best for your needs.  

Mortgage calculators are fine but most often do not include insurance, taxes and mortgage insurance.  Talk to a professional so you know exactly where you stand. There is nothing more frustrating than finding your dream home only to learn its out of your financial reach.

If you are in the Albuquerque area and considering the purchase of a new home please give me a call so we can discuss your real estate goals and dreams as well as financing options and affordability.  I would welcome the opportunity to serve as your Albuquerque Realtor®.

Albuquerque Homes and Lifestyle Blog

 John McCormack Agent Photo

 

 

Photobucket

www.AlbuquerqueHomes.com

********************************************************************************

John McCormack    Owner/Managing Broker,  e-PRO

505-980-4576 / John@AlbuquerqueHomes.com

Search Albuquerque Homes For SaleSearch Albuquerque Homes & Lifestlye

If your considering Buying, Selling or Relocating  to Albuquerque or Rio Rancho, NM and need a Professional Realtor It would be my pleasure to help you!

Be sure to visit my AlbuquerqueHomes.com website for total access to all available homes in the following New Mexico communities:  Albuquerque, Rio Rancho, Los Ranchos, Placitas, Bernalillo, Tijeras, Sandia Park, Cedar Crest, Bosque Farms, Los Lunas & Belen.

 

Come On Back and Visit My

Keys to Blog

Button to Subscribe to Albuquerque Homes and Lifestyle Blog

Google Me John McCormack Albuquerque

QR Code to AlbuqurqueHomes.com

Come Join Me On Facebook  

RSS Feed to Albuqueruqe Homes and Lifestyle Blog

 

Lets Connect on Linkedin

 

 

Albuquerque Homes and Lifestyles on YouTube

 
Comment balloon 66 commentsJohn McCormack • August 20 2012 06:21PM
So How Much House Can I Afford
share
I was having a conversation the other day with a potential buyer and the discussion turned to the loan process, financing and affordability. So how much house can I afford was the question and as I navigated through that with my finance… more
Career Listing SOLD! The rest of the story!
share
A career listing of mine SOLD! Here is the rest of the story! I know we have all had those c areer listings that drag for eternity it seems. I was blessed with a cash offer today on one of mine. Yippie! These career listings always seem to have a… more