7 Secrets For Saving Thousands When Financing Your Next Home
Goodale Realty Team at JK Realty
The Goodale Realty Team at JK Realty
7 Secrets For Saving Thousands When Financing Your Next Home
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It pays to do your homework! Your knowledge about home financing can mean the difference between making or losing tens of thousands of dollars. Here are seven strategies (I call them “secrets” because so many people disregard them when buying a home) you should consider when financing your home:
Secret #1: Clearly Understand How Much Home You Can Afford
Bankers and mortgage lenders use two guides to determine how much loan you can afford:
Payment-To-Income Ratio. This compares your income to the mortgage payment you’re considering. The “payment” is the mortgage payment (principal + interest) plus property taxes and insurance (PITI).
Debt-To-Income Ratio. This refers to all your major monthly financial obligations, including car and credit card payments and outstanding debts. Your lender will compare your total debt to your ability to make current payments with your new home loan added into the equation. Here’s the key: since each mortgage company sets different limits on your debt-to-income ratio, you need to find a lender who is motivated to loan you the money.
Debt-To-Income Ratio. This refers to all your major monthly financial obligations, including car and credit card payments and outstanding debts. Your lender will compare your total debt to your ability to make current payments with your new home loan added into the equation. Here’s the key: since each mortgage company sets different limits on your debt-to-income ratio, you need to find a lender who is motivated to loan you the money.
Secret #2: Be Financially Prepared – Ahead of Time!
Before you start looking for a home…
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