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Saturday, September 15, 2012

How Much Should You Spend When Buying a House?

Notice the title doesn’t say “How much CAN you spend…?”

The first step in the home buying process is to get a mortgage pre-approval.

Read this... Keep in mind mortgage pre-qualification and pre-approval are light years apart. 

So, how much CAN you spend?  The easy answer could be as much as you are pre-approved for by your lender.

The real answer, in my opinion, is the amount required to find a suitable home, with payments (including association fees, insurance, taxes) within your budget.  [And lets not forget the other homeowner expenses - utilities and upkeep/maintenance.]

A lesson many of us learn through experience is this... there is more to living than making a mortgage payment.  This is a lesson that can be applied to any other major purchase including automobiles.

Need a referral to a local mortgage lender in Brevard County, Florida?  Just ask and I will forward a few contacts with banks, credit unions and mortgage brokers. 

Ready to buy a home in Brevard County, Florida?  Call or send me an email if I can assist in any way.


 

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