AFFORDING TO PURCHASE A HOME

Affording to purchase a home generally refers to the ability of individuals or families to purchase a home without overextending their financial resources. It typically involves several factors such as total household income plays a crucial part in determining how much one can afford to spend on a home. The price of a home in the current housing market in a particular area significantly influence affordability. The mortgage interest rates on loans affect monthly payments. Lower mortgage interest rates can make home buying more affordable, while higher rates is the complete opposite.

The amount of down payment can impact how much needs to be financed and, consequently the monthly payment. Debt-to-income ratio plays a vital part on affording to purchase a home. Lenders look at the ratio of borrowers monthly debt payments against their monthly gross income assess on how much home you can purchase.  Of course you credit score is a slice of the lenders pie to determine what interest rate may be applied to your loan. It is essential to make all monthly payments on time and no collections hanging out there. Location of home is often looked at due to housing markets vary widely by location, with some areas being more affordable than others. 

Property taxes and insurance are additional cost that is also factored in the overall affordability calculation.

UNDERSTANDING DECISION MAKING

Typically you need three percent down to purchase a home. There are several loan products out there depending on your scenario which may differ from another borrower. Click link to learn more about home loans /HOME-LOANS---32819---32836---Dr--Phillips-6-18842.html

Click link to learn more about a VA Loan /VA-LOAN---32819---32836---Dr--Phillips-6-23661.html 

Click link to learn more about a FHA Loan /FHA-LOAN---32819---32836---Dr--Phillips-6-26054.html

Click link to learn more about a Conventional Loan /CONVENTIONAL-LOAN--32819---32836---Dr--Phillips-6-26055.html

Many may consider renting is less expensive than purchasing a home, this entails a lot of homework and again, each scenario is different. Click link to learn more about homeownership /HOMEOWNERSHIP---32819---32836---Dr--Phillips-6-22894.html

Understanding misconceptions can help potential homebuyers make more informed decisions about their housing options and financial planning.

Find a trusted advisor and stick with them to guide you through the process.

TRUSTED ADVISOR

As a trusted advisor, professional realtor and retired military veteran I am here to serve you in the Dr. Phillips and Central Florida housing market. always stay in tuned, educated and connected in this volatile housing market to purchase or for the sale of your home. In the absence of up to date trustworthy information whether it's a housing crisis or local housing market, real estate decisions are increasingly driven by fear, doubt and uncertainty.  We as trusted advisors drive the real estate community to ensure you are making the right decision.

Part of my job is to keep you educated of the local market trends, information on the buying and selling process to include real estate common terms and videos. Don't get confused with the news, they talk about national level data and I can provide most current up to date local area data.

So don't let this shifting housing market delay your dreams, data reveal home values typically appreciate over time and that gives your net worth a nice boost. When you are looking for a home, look for your realtor with the heart of a teacher. If you are ready to start your journey contact Kevin Strawter today at 850 496-6412 to help begin a new walk to homeownership and all you real estate needs. Referrals always welcomed.