If you are a first-time homebuyer, be sure you are comfortable with your new payment.

Lenders may pre-qualify you for a higher loan amount and monthly payment than you want to spend. Don’t fall into the trap of going for the higher payment just because the lender says you can qualify for the mortgage. In determining your qualification, lenders do not take into account your cell phone bill, streaming services, internet, electric and utility bills. You will have to pay these in addition to your monthly mortgage payment.

The monthly mortgage payment includes principal, interest, taxes, insurance, and mortgage insurance (known by the acronym “pitimi”). As real estate taxes and homeowners insurance are collected monthly, the lender will pay these bills on your behalf when they become due. The monthly mortgage payment does not include HOA fees; these are paid directly by you to the HOA. In addition to the bills listed in the preceding paragraph, you may have other debts, such as student loans, credit cards, and an auto loan. Make sure you can comfortably afford your mortgage payment as part of all of your payments.

If you need help in determining whether your mortgage payment will fit within your lifestyle, give us a call and we can help.

We counsel you to find the right loan to fit within your monthly budget.

We Work For You, Not The Lender