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Preparing A Homeownership Budget

August 9, 2018 by jWeb Media

Owning a home is a huge financial responsibility. If you are not prepared for it, you could face financial hardships, fall behind on your monthly mortgage payments, and even foreclose on your home.

Here is what you can do to help you prepare a homeownership budget.

What Is Your Current Financial Situation?

We cannot stress it enough: Always know how much home you can afford before you buy. Critically look at your current financial situation and ask yourself if you are able to buy or if you would be better off renting for a while.

Calculate your gross income, the amount you make each month before taxes and deductions, as well as other sources of income like tips, alimony, and pensions. Then, take any debts you are paying each month, including auto and student loans, groceries, and utility bills. If you go out to eat on a regular basis, calculate how much you spend and attempt to cut back to help save money.

Your mortgage payment should not take up more than 28 percent of your income.

Take Homeowner Expenses Into Account

After you purchase a home, you will have more expenses than a mortgage to think about. You will have to pay property taxes, PMI (if applicable), maintenance and repair costs, and insurance, to name a few.

You can typically estimate how much you will have to pay for these costs by getting pre-approved for a home loan.

Meet With A Reputable Lender & Realtor

Finally, meet with a reputable lender and realtor to help you find a loan that works for you and homes that are within your budget. Remember, lenders want you to be able to afford to pay off your loans and will be willing to work with you to find a program and loan that meets your needs.

Get Started With Your Dreams Of Homeownership

Contact Cornerstone Mortgage Today

Filed Under: Blog, Home Buyers & Home Sellers Tagged With: gross income, homeownership budget, monthly mortgage payments

The information provided on these posts have been prepared by a third party company and have been distributed for education purposes only. The positions, strategies or opinions of the authors do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax adviser for full eligibility requirements on tax deduction.

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Guild Mortgage Company is an Equal Housing Lender; AZ BK #0018883; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Georgia Residential Mortgage Licensee; GA #6268; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; NV Banker #1076 / NV Broker #1141; OR ML-176; Rhode Island Licensed Lender; State of Missouri Principal Location: 17280 North Outer 40, Ste. 101, Chesterfield, MO 63005; Company NMLS ID 3274. http://www.nmlsconsumeraccess.org/ All loans subject to underwriter approval. Terms and conditions apply. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5898 Copley Drive San Diego, CA 92111; For more licensing information, please visit https://www.guildmortgage.com/licensingBrought to you by Jweb Media.

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