Article 3 I Want To Buy A House Now What

Dated: September 30 2020

Views: 174

Many first-time buyers are unsure about some of the financial aspects involved in buying a home, and you may have many questions swirling in your head. How much can I afford? Do I need a large downImage title payment? What type of loan is best suited to my situation?

Your home price range will be determined by your income, credit history, the cash you have for a down payment, closing costs, and the amount of debt you already have. The financial rule of thumb is: your total monthly debt payments (which will include your new monthly mortgage, revolving credit accounts, car loans, student loans, etc..)  shouldn’t be more than about 36 percent of your gross monthly income. Most experts say that your monthly housing expense, including taxes and insurance, should not exceed about 28 percent of your gross monthly income.

Naturally, every situation is different, and each lender has different rules about working with buyers. A number of choices within your control can affect your monthly payment as well. For example, you might choose an adjustable rate loan, which has a lower initial payment than a fixed rate program. Similarly, a larger down payment may lower your monthly payment. You can also buy down your interest rate up front to lower your monthly payment amount.  I suggest all these options are discussed with your lender so they can guide you on the best loan to choose for your goals.

If you’d like more information about the price range of homes you can afford, please call or email. I can help you get the mortgage information you need.

If you have more questions about mortgages, buying or selling a home or any other real estate related questions, please feel free to call or email me.


Your real estate agent

Keith Lipari

717-921-4514 (cell)

717-591-5555 (office)

Blog author image

Keith Lipari

Who you work with matters. The Lipari Group is a Real Estate team dedicated to providing our customers with the perfect blend of expert experience, market knowledge, and a client-focused mentality. We....

Latest Blog Posts

No, you do not have to leave negotiating room when pricing your home for sale

Home Sellers Myth: “Negotiating Room”Often we hear this sellers myth about negotiating room when they determine a list price. They ask “How much negotiating room should I leave

Read More


SHOULD I HIRE A REAL ESTATE AGENT?Five reasons you should consider hiring a real estate agent to buy or sell a home...Real estate has been a hot topic across the U.S. and Canada in recent years,

Read More

Why right now might be the perfect time to sell your home

An old rule of thumb in real estate is to wait until the flowers start blooming to put a house on the market. There are sound reasons behind that. Spring is the time of the year when

Read More