How Much Can You Afford?
Buying a home is not only a rewarding experience but also a wise financial move. You can deduct some of the costs associated with the purchase of your home from your annual taxes. Additionally, real estate almost always appreciates; it’s one of the safest investments you can make. Besides, you’ve got to live somewhere, right? You might as well put increasing your equity in a home rather than paying a landlord and getting nothing for it at the end of the contract.
Use our handy on line Financial Calculator to easily help you determine how much home you can afford to buy. Our preferred lenders will be happy to provide a confidential and complimentary consultation to help you determine what size mortgage you can qualify for. Our buyers often find that they are preapproved for more than they want to spend. It’s important for you to determine what size mortgage payment you are comfortable with.
Remember that there are certain costs included in buying and owning your own home. Do you have enough money for a down payment? What about the closing costs? Will you be required to take out private mortgage insurance? This is often a requirement if you put less than 20% down on a home.
Say you have enough money in savings to make a large down payment and pay the closing costs, what about the PITI (Payment, Interest, Taxes and Insurance)? What about the costs of moving to your new home?
Owning a home is a big responsibility.
Do you have enough money left over each month to cover any monthly maintenance expenses or emergency repairs? Think that brand-new home won’t have to be repaired? Think again. No home is perfect and even new construction has faults.
There are significant costs associated with owning a home. If you are ready for that commitment, we’d like to help. We’re experts in the New Albany real estate market. When you’re ready to purchase a home in the Columbus area, give us a call and we’ll not only help you find the best home for you and your family, we will help you compare interest rates and terms to determine which mortgage plan is best for you.