Posts from March 18th, 2019
Griffith Realty
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March
18
18
Buying a Home in Howell: Budget Your Way to Your First Home
You've saved, you've planned, you've dreamed, and now it's time to buy. Buying your first home is a special time, but you don't want to let visions of sun-splashed lawns and breezy porches put you in a financial position you cannot maintain over time.
Ideally, you would start planning your finances for homeownership a year in advance of buying. But no matter the timeline, when you're looking at Howell homes for sale, keep these budgeting tips in mind:
- Doing The Math
Take a detailed look at your income and any debts you already have, and consider the "25% rule." Experts say your mortgage should not be more than 25% – 29% of your income. Existing debts should be included in that percentage.
One of the financial points mortgage lenders consider is your debt-to-income ratio. This is the percent of debt you have compared to your income. Generally, if your debt-to-income ratio is higher than 43%, you may be denied. Even if you found a lender willing to go over that ratio, you may find yourself struggling each month when that mortgage payment is due.