2006-07-27 07:33:10 · 10 answers · asked by Harry L 1 in Business & Finance ➔ Personal Finance
to honestly answer that we need a little more information. such as where are you looking to buy a house? what style and size of a house do you want? how much money do you have saved up and how much do you make? have you already talked to a mortgage broker, cause most real estate agents won't even talk to you until you have talked to a mortgage broker already to see what kind of loan the bank will even give you. it's not as simple as you may think it is.
2006-07-27 07:49:02 · answer #1 · answered by babybro35 6 · 1⤊ 0⤋
Once you have calculated what you can afford as a monthly payment, DOUBLE IT. Homeowners insurance and property taxes often make up 1/3 of your total monthly payment. Add in monthly utilities, (water, gas, electricity, sewer), then add in television cable/digital, also internet access and telephone access.
Owning a home is an investment. Don't take a realtor's word that you "can afford" a certain home. (He only earns money if you buy). Never buy at your highest range, because taxes & insurance always go up, never down. And unexpected expenses can add to the cost fast.
Evaluate why you want to buy your own home, advantages/disadvantages of renting/leasing, where you are in your employment (steady or uncertain future) and if your home expenses increased by 25% in 5 yrs, would you income mirror that?
Take things slow....
2006-07-27 15:21:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on how much you make and what you have going out........credit card, car payments. The bank that loans you money normally has a percentage that they go by. Like 36/28....I dont really know how it works but there is a calculator you can see if you would even be able to get a loan......just put in your info and that is it really. Just type in Gloogle mortgage calculator and it should bring one up. Hope that helps you out.
2006-07-27 14:54:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can answer that but lets give you some guidance:
Take your monthly revolving debt (car, credit cards, school loan) and divide that by your monthly gross income (its that high dollar amount you wish you get but dont). This will be your Top Debt to Income. Than take what you want to pay in mortgage and add that to your monthly revolving debt and divide by your monthly gross income. This will be your Backend DTI.
recap:
Top = Monthly Revolving Debt / Monthly Gross Income
Bottom = Monthly Mortgage Payment + Montlhy Debt / Gross Income.
Keep Bottom down to 50 DTI and you should be able to own a home.
2006-07-27 14:39:58 · answer #4 · answered by Openthathouse.com 4 · 0⤊ 0⤋
Provide more details on your situation and you'll get a useful answer.
2006-07-27 14:36:35 · answer #5 · answered by Nick N 5 · 0⤊ 0⤋
if you have enough money, i'm sure you can afford to buy a house..
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2006-07-29 21:58:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Only you can answer that one.
I suggest that you see a professional adviser
2006-07-27 14:36:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Depends on your assets, your credit, your income, etc.
2006-07-27 14:36:19 · answer #8 · answered by TheOnlyBeldin 7 · 0⤊ 0⤋
depends on your credit, and how much you make
2006-07-27 14:36:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
we'll probably need more details to answer that
2006-07-27 14:36:25 · answer #10 · answered by ontario ashley 4 · 0⤊ 0⤋