Does anyone know of any good websites that have tools to help me calculate how much home I can afford to buy? Thanks.
2007-03-14 15:44:22 · 4 answers · asked by tinaroonie 2 in Business & Finance ➔ Renting & Real Estate
Here you go:
http://www.resultsmatterbaltimore.com/wst_page4.php
At the bottom of the page there's a link to home affordability. If you live in Maryland, PA, or DC go to the home page on that web site and one of those agents will glady help you see the homes you can afford.
2007-03-14 15:53:58 · answer #1 · answered by manny d 3 · 0⤊ 0⤋
The basic rule of thumb is 3 times what your annual salary is. So, if you make $100,000 a year, you'll be looking at homes around $300,000.
Interest rates have changed this rule a bit but it is still a good standard to follow. What ever you do, Do NOT get an adjustable mortgage right now. Or an interest only for that matter. Fixed rate is going to be the best value on the market for the next few years at least.
2007-03-14 18:28:30 · answer #2 · answered by danpauselius 2 · 0⤊ 0⤋
A high fico score will help you out greatly but if your credit is not so good, you are looking at maybe sub prime loans where the interest will be much higher. I would suggest getting your credit report and see your score. If there is something wrong within your credit report, contact the company and try to rectify the mistake. The more you put down on the home the lower the payment.
2007-03-14 16:02:10 · answer #3 · answered by gus 2 · 0⤊ 0⤋
Quicken.com
2007-03-14 15:57:58 · answer #4 · answered by Akbar B 6 · 0⤊ 0⤋