One of the biggest questions home buyers must ask themselves - this answer will make a whole lot of difference and perhaps re-direct their home hunting.
There's many ways to estimate how much to borrow - first way is to contact a lender and get pre-approved. But perhaps, you can't wait for the banks and want to explore your options now. There's online tools for that. The John Bailey Team is happy to offer a mortgage calculator, too.
Things to consider when using an online mortgage calculator:
- Break down the mortgage into monthly payments. AND don't forget to factor in the interest— the extra fees you pay your lender for borrowing all that cash. Then, on top of that, you will also have to pay property taxes and home insurance.
You have been tossing the idea around in your head to buy a home. The market is still challenging and there seems to be less homes for sale, yet the demand continues to grow. As a result, "homes for sale are spending less time on the market and well-priced homes in sought-after neighborhoods move quickly." Don't fret! - the calendar is now on your side, and as Realtor.com's chief economist Jonathan Smoke suggests, make sure you're..
"Pre-approved for a mortgage
Working with an expert and responsive local Realtor®
Laser-focused on your needs, ready to make a decision rapidly
Willing to avoid contingencies or making too many demands of sellers"
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