Понравилась презентация – покажи это...
How Much Home Can You Afford? How Much Home Can You Afford?
Before you take the plunge into homeownership, it is important to consider how much home can you afford.
When deciding how much to lend you, lenders consider three primary factors. These include: How Do Lenders Determine How Much You Can Borrow? Front-End Ratio Back-End Ratio Down Payment Percentage
Your front-end ratio is a monthly percentage based on your yearly gross income and the anticipated monthly payment associated with your loan. Front-End Ratio Most lenders do not want this amount to be more than 28 percent of your gross income Some lenders will still approve a loan where this figure is as high as 40 percent
Your back-end ratio is the percentage of your gross income that is needed to cover all of your debts. Back-End Ratio Including the anticipated mortgage loan debt as well as car loans, credit card payments, other loans, etc. Some lenders will go as high as 45 percent Most lenders do not want this figure to be more than 36 percent
Your down payment percentage refers to the percent of the total cost of the home that you are able to make as a down payment. Down Payment Percentage Many lenders will allow you to make a purchase with a significantly lower down payment A down payment of at least 20 percent is preferred Many lenders will allow you to make a purchase with a significantly lower down payment
Just because you can get a mortgage loan, it does not mean that you should get one. Looking at Your Personal Situation You need to consider your personal situation when deciding how much home can you afford and whether now is the right time for you to buy Qualifying for a loan does not mean you are truly prepared for the financial responsibility of owning a home
Is this an ideal time to buy? Have you researched the local market stats? If you have a steady job, do not anticipate moving away in the next five years, do not have any anticipated major expenses in the near future and if your front-end and back-end ratios are below the top limit, you are probably in a great position to make a home purchase. Source: http://sellingwarnerrobins.com/2014/02/how-much-home-can-you-afford/ www.sellingwarnerrobins.com Anita Clark ©