Each market is different,
but the first step to respond to
this question, is to know how much
you can pay monthly, after the initial
payment (the 5, 10 or 20 percents
of the sale price of the house).
Consultation
with an agent in charge of loans
The best form to know what you can
pay is obtaining the pre-approval
for a loan. Your runner can recommend
to you to somebody or you can visit
a local agency. The pre-approval
process is not going to you to cost
nothing, except for listening to
char it of sale, since the agent
will want to make businesses with
you when you are ready to ask for
the loan. Thus you will have a good
idea of how your income, assets
and liabilities are translated in
which you can spend and also as
opposed to can ayudarte the competition
(when in the market are more buyers
than salesmen).
You do the calculation
You can make a calculation simple.
According to the runners, the monthly
payments must be of 25 to a 33 percent
of your monthly gross income. In
order to make the calculation, it
takes your monthly income before
taxes, including all the sources
of income, and divídelos
by four. To this number it reduces
the total that payments monthly
in debts (loans, accounts of position,
etc.). The result is the minimum
that reasonably you can pay every
month. After deducing the insurance
on the house (we say $50 monthly
ones) and the payments of tax to
the property ($100), you will have
an approximated idea of which you
can pay to the month. In order to
calculate the Maxima amount, it
divides by three instead of four.
In order to know what means this
in terms of the price, multiplies
the final total by 12 (months) and
divides to the result by the interest
rate average for effective loans,
we say a 7 percent. The result is
the price average of market in which
you are due to concentrate.
Additional costs
It remembers that in addition to
the price of purchase, you need
additional money for the costs closing
(including points and tariffs),
the future inspection and expenses.
When finalizing the process (once
you have signed the last document
and you have decided the price and
the conditions with the salesman),
the cost is generally of 2 to a
7 percent more, than the decided
sale price. If you calculate that
for an average zone, to a rate of
4.5 percents, to buy a house of
$200,000 it costs $209.000. It remembers
to consider the annual taxes to
the property and the repairs (predicted
and unexpected).
Consuélate in knowledge that
most of the people whom they buy
house for the first time is just
knowing the market. The house of
your dreams can more be two or three
houses in the future, so you do
not feel that you must spend each
cent that you can, if that means
to lose part of your appraised freedom.
