tarting a home buying to "squeak by" each month. To
process means answering a determine your mortgage
lot of questions:
comfort-zone, you need three
things: a budget, a price and a
Are you ready to buy a home? How mortgage calculator. For the
much of a mortgage loan can you price, just start with the cost
afford? How's your credit? What of a house you think you might be
size house do you need? How are interested in buying.
your cash reserves?
At first, don't worry about
The more Q&A, research and soul whether the price is too high --
searching you do in advance, the you'll find that out soon enough
smoother the process will be when you run the numbers.
later on. Let's look, then, at
one of the key questions from Next, run the home price through
this list. a mortgage calculator at current
interest rates and at a 30-year
What Can You Afford? fixes mortgage. You might choose
a different mortgage type later
Before house hunting, you should on, but this exercise is just to
determine how much of a mortgage get a ballpark mortgage payment
you can comfortably afford. based on home price. So choose
"Comfortably" means you can pay the 30-year fixed option for the
your mortgage each month and sake of simplicity.
still have money for living
expenses, savings, and Mortgage calculators can easily
quality-of-life niceties. be found on the Internet. Just
type "mortgage calculator" into
In other words, you don't want a any major search engine, and
mortgage payment that forces you you'll find several. Or, you can
use the calculators we provide at quick and easy way to see what
HomeBuyingInstitute.com. homes are inside your comfort
zone -- and to find out exactly
Once you've obtained an what your comfort zone is in the
approximate monthly payment for first place.
various mortgage sizes, you can
more accurately figure the price Copyright 2006, Brandon Cornett.
ranges into your budget. It's a
About the Author:
Brandon Cornett is the editor of http://HomeBuyingInstitute.com, one of the Internet's largest and most respected libraries of home buying information -- more than 100 expert articles in 12 different home buying categories! Put this knowledge to use by visiting http://www.homebuyinginstitute.com.
Source: www.isnare.com
