Getting pre-approved for a mortgage loan is the first step to gauging how much you can afford. However, it doesn’t always reflect how much you can truly afford. Other costs need to be factored in to determine the property’s affordability. Items like taxes, utility bills, HOA fees, and closing costs need to stay fresh in your mind. Yes, you’re able to secure a loan for a $200,000 home, but when you have to put down a 20% down payment and pay the closing fees (which can be several thousand dollars), your finances might be a little tight for a while. In addition, high taxes and utility costs could really dampen your bank account. Keep this in mind when determining how much you can really afford.
Are you in the process of purchasing a home? Contact me to get more information about financing and the homebuying process.
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