Nesting & Investing

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Buyers

Common Questions for Buyers

Tips for First-Time Home Buyers

What To Offer

Best Home for You and Your Family

Consumer Household Safety

Energy Saving Tips

Home Inspections

Living Well and Stress-Free

Protect Your Biggest Purchase

Hiring a Real Estate Appraiser

Title Insurance

Home Warranty

Homeowners Insurance

To Downsize?

To Upsize?


Sellers

Common Questions for Sellers

22 Questions

Determining Market Value of Your Home

How Long To Sell My Home

Listing with a REALTOR®

Am I Priced To Sell

Hiring a Real Estate Appraiser


Finance

Mortgage Information

Getting That Perfect Mortgage

Get Pre Approved

How Much Do I Qualify For

Avoiding Irresponsible Lending

Managing Home Equity Lines of Credit


Home Improvements

Value of Home Improvements

Painting

Staging Your Home for Sale

Staging Your Kitchen for Sale

Staging Your Living Room for Sale


Moving

Preparing to Move

Planning Your Move

Hiring a Moving Company

Moving

Moving with Children

Self-Moving Advice and Tips

How Much Do I Qualify For?

When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.

When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.

Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.