I am considering purchasing a home in the Huntington Beach or Laguna Niguel area. How do I know how much home I can afford?
In general, lenders don’t want borrowers to spend more than 28 percent of their gross income per month on a mortgage payment or more than 36 percent on debts. It pays to check with several lenders before you start searching for a home. Most will be happy to roughly calculate what you can afford and pre-qualify you for a loan. The price you can afford to pay for a home will depend on six factors: 1. Gross income 2. The amount of cash you have available for the down payment, closing costs and cash reserves required by the lender 3. Your outstanding debts 4. Your credit history 5. The type of mortgage you select 6. Current interest rates 7. How do I find a good agent in the Huntington Beach, Costa Mesa, Aliso Viejo or Corona Del Mar areas? Getting a recommendation from a friend or work colleague is an excellent way to find a good agent in the Huntington Beach or Costa Mesa area. Be sure to ask if they would use the agent again. You also can call the managers of reputable real estate firms
Related Questions
- Why should I use a real estate agent to purchase a home in the Huntington Beach, Costa Mesa, Laguna Niguel or Newport Beach area?
- I am considering purchasing a home in the Huntington Beach or Laguna Niguel area. How do I know how much home I can afford?
- What is the best time to buy a home in the Huntington Beach, Irvine or Newport Beach area?
