Are you getting ready to buy your first home? It is important to know how much you can afford before you begin looking at properties. Talking with a lender and getting pre-approved for a loan puts you in a stronger negotiating position with sellers.
As a rule, your monthly housing costs should not exceed 28% of your monthly pre-tax income. These costs include the mortgage payment, real estate taxes, and insurance. If you have long-term debts, such as student loans or car payments, your monthly payments, including your housing costs, should be less than 36% of your pre-tax monthly income. Some loans, such as VA and FHA loans, are more flexible with these basic guidelines.
Depending on which type of mortgage you select, you can consider houses in various price ranges. An adjustable-rate mortgage will usually enable you to qualify for a higher loan amount. Your real estate agent can help you make the basic calculations. Remember that buying at the top end of your price range gives you more time to outgrow your home, and can save you money over the long term.
According to the Airports Council International, the Hartsfield International Airport in Atlanta, Georgia is currently the busiest airport in the world, serving 76.87 million passengers per year.
Scott Team Real Estate RE/MAX Pembroke Realty Ltd. 182 Pembroke Street East Pembroke, ON Canada K8A 3J7 Phone #: 613-732-3601 613-735-8188 866-735-8188 Fax #: 613-732-0999 Drew Scott: Drew@ScottTeamRealEstate.com James Scott: James@ScottTeamRealEstate.com
The Scott Team has experience in all aspects of Real Estate. Our unique approach guarantees your needs are handled professionally and timely. The Drew Scott Team specializes in serving Petawawa, Pembroke and Renfrew County. Always putting you first!
www.ScottTeamRealEstate.com
is brought to you by The Drew Scott Team, real estate for
Pembroke, Petawawa and Renfrew County, Ontario
- NUMBER1EXPERT 
