ELLIS REALTY GROUP
"Today, it's just a house - Tomorrow, it is home."
  • Just Listed
  • Areas guide
    • Landscapes
    • Amenities
    • Lifestyles
    • Things to-do
  • Our blog
  • About us
    • Our company
    • Finding a lender
  • Contact
Sign In
Sign Up
ELLIS REALTY GROUP
"Today, it's just a house - Tomorrow, it is home."
  • Just Listed
  • Areas guide
    • Landscapes
    • Amenities
    • Lifestyles
    • Things to-do
  • Our blog
  • About us
    • Our company
    • Finding a lender
  • Contact
ELLIS REALTY GROUP
"Today, it's just a house - Tomorrow, it is home."
inception-app-prod/MjM0ZGQ0YjYtNWMwZS00MWE4LWFiZDEtMTNjOGUwMGRiMTU4/content/2021/03/california-dreamin-kitchen-0715.jpg
Buyers

Affording your house

Affording your house starts with your lender.

Affording your house starts with your lender, and they decide what you can borrow, but you decide what you can afford. Lenders are particular, making qualification decisions based on averages and formulas. They won't understand the differences in your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected - for all the new opportunities your home will give you to spend money. Consider the costs of furnishings, landscaping, additions, and repairs.

Banks use a ratio to decide how much

Historically, banks use a ratio to decide how much borrowers could borrow. An approved housing payment couldn't be more than a certain percent of the buyer's gross monthly income and total debt load, including car payments, student loans, and credit card payments.

Be warned …

As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market is, though, we urge you to think carefully before stretching your budget quite so much.

Your financial profile will change

Deciding how much you can afford should involve careful attention to how your financial profile will change in the upcoming years. In the long run, your peace of mind and security will matter most. Affording your house is more than making the mortgage payment. Your lender decides what you can borrow, but you decide what you can afford.

Robert Ellis | Realtor | Ellis Realty Group - Keller Williams Coastal Bend - North Padre Island 361-739-7219

 

Print Details
Previous post
Next post
Buy an existing home or have one built?
Understand The Buyer

About us

  • Our company
  • Home

Explore our communities

  • Landscapes
  • Things to-do
  • Amenities
  • Lifestyles

Consumer Protection & Privacy

  • DMCA Compliance
  • Information About Broker Services
  • Consumer Protection Notice
  • Ellis Realty Group Disclaimer
Ellis Realty Group
Keller Williams Coastal Bend

© 2022 All rights reserved

Created with Placester

Sign in

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Change password
Sign Up
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Get in touch

With a trustworthy real estate specialist on your side.
Send
Succes! Your message was sent!
Great! Someone will be in touch with you shortly!
Back to homepage
Oops! Error occurred.
Please try again.
Back to form
Already a User? Sign In

Account verification in progress

Account Verified!
You may now log in into your account
Go to the homepage
Verify your email address
In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link