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Home » Homemortage » BWHM2-affordability-of-home-mortgage.txt
| BWHM2-affordability-of-home-mortgage.txt |
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plr article line 1 Home Sweet Home… But Can You Afford It? plr article line 2 plr article line 3 You’ve finally found your dream house and are ready to commit but there’s that question of home mortgage affordability. Don’t let this thought scare you away just yet. Find out if you can go ahead and buy that house at last. plr article line 4 plr article line 5 1. Know how much you have and how much you owe. How much income are you receiving at present? Is there a chance that it would increase? What will be your financial situation several years from now? plr article line 6 plr article line 7 How much money do you owe to creditors? How much monthly payments do you make? Can you still afford to shell out more money after the bills are paid? plr article line 8 plr article line 9 You’ll need a consistent source of income that can cover your mortgage and other expenses. Try to foresee possibilities that you’ll need to factor in: a new child, changes in the job, back-to-school plans and cash-flow five or several years from now. Be prepared to be in it for the long haul. plr article line 10 plr article line 11 2. If your debts are well managed, then you can afford a home mortgage. The lender will approve your loan more quickly if he sees that your debt-to-income ratio is well within manageable range. plr article line 12 plr article line 13 The lender will ensure that your payments will only total 33% or less of your monthly gross income. Otherwise, pay off some of your debts before applying for a home mortgage. plr article line 14 plr article line 15 3. Decide which one you prefer: fixed, adjustable or balloon rates. Paying a fixed rate is a more popular choice because it can protect you from surges in interests while paying the lowest rate possible for an agreed period of time may be lighter on your budget, but your mortgage payment can go up later. plr article line 16 plr article line 17 4. Interest rates will go up and down depending on the activity of the market. If you can read and understand market trends and economic indicators, you can save a lot of money. plr article line 18 plr article line 19 5. Be prepared to pay a downpayment. Typically, it is about 20% of the total price. A house priced at $200,000 will require a down of $40,000. There are also loans with low or no-downpayments, but it will cost you in terms of equity in the long run. plr article line 20 plr article line 21 6. You have enough money saved that’s equivalent to at least three months’ monthly income. This will help cover unexpected expenses that could affect your mortgage payments. plr article line 22 plr article line 23 There is no fixed answer on the affordability of a home mortgage. It will all depend upon your income, debt, interest rate and other factors. If the home mortgage fits into your personal situation, then you can definitely afford it. plr article line 24 plr article line 25 |
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