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Date: 22nd July 2016
HOW MUCH HOUSE CAN i AFFORDIf you are willing to buy a house and you think you have money for that purpose and you keep on thinking the fact that how much house can I afford? And this idea of buying a house could be more disturbed and intoxicating at times. Well you are then going on a journey which has no clear path ahead so you need to consider the fact that how much house can you afford in the money have or how much money can you spend on the house.?There are some facts you have to consider before thinking of how much house can you afford:?????????? How much savings do you have for the down payment of the house????????? How much worth of monthly payment can you bear????????? And what are your plans for other expenses like costs of closing etcWell you should apply the thumb rule for the monthly payments before you think of how much house can I afford so the rule states that the cost for the monthly payment should not increases from 27 to 30 percent of your gross income for the month.?Principal and interests of mortgage, taxes for real estate, insurance for mortgage, insurance for home owner?s all those factors are included in the monthly payments so must be sure of including all those factors when you are think of your own then you would get the clear idea of how much house can I afford. There is one more thing known as down payment and it is also the part of the process and well it is not more than 20 percent.?There are some other measurements in term of buying a house or in terms of knowing that how much house can you afford and that is less the 32 percent of your gross monthly income is the cost of your total housing value. It is always so easy to underestimate the total ongoing costs and values involving in home ownership when you are renting the house and which ranges between simple and totally inexpensive matters such as if you are calling a electrician to check the wiring of your fan as similar to the cost of putting up a new wash basin in the kitchen and your total load of debt including the most of loans like visa card loan , master card loan , student loan it should not increases from 40 percent of your total gross monthly income.?So if you and your wife or whoever you are living with, have a total combined income of $50,000 a year or a little more than $50,000 then your estimate should look like this:??????? Your cost of monthly payments should lie between $1,040 ? $1,251?????? Your cost of total housing expenses should not increases from $1,334 ?????? Your total cost of debt load should not increases from $1,668And those are the exact numbers you should be keeping in mind while dealing with any lender of that area where you want to buy the house and it can save you a lot of money because if a person did not have those calculated numbers then lender may loot him while buying a house. And I think from this calculation when can easily get the idea of how much house can I afford.??
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