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 Welcome to the MikeFreemanProperties.com Blog

2019-03-20 08:41:50
Know Before You Go! Mortgage Prep & Home Affordability

Many people fall in love with a new home, only to find out they will not be able to afford it. Here are a few quick tips to make sure this doesn’t happen to you!


PREPARE!

  1. Order your complete credit file from annualcreditreport.com. Once per 12 months, you can obtain a FREE report from all three credit bureaus (Equifax, Experian, Trans Union). If there are any errors, correct them.
  2. Check your FICO credit score using a service such as Credit Karma. Sometimes your credit card company or bank may provide this free service as well.
  3. Gather documents your lender will need: documentation of income/employment, two years of IRS tax returns if self-employed, bank statements, 401(k) funds and other assets.
  4. Make a list of current household expenses that are recurring such as car payments, health insurance, cell phone bills, etc.

HOW MUCH HOME CAN I AFFORD?
There is no simple, magic formula to determine how much home you can afford.

The old standard was 2.5x your annual income. If true and you made $100,000, you could afford a $250,000 home.

Today, some experts suggest that you can afford a mortgage payment as high as 28% of your gross income. If true and you made $100,000, you could afford a $450,000 home.

Most lenders will take your information and use automated underwriting models that factor in credit scores, debt-to-income ratios and many other factors.

CONNECT WITH A TRUSTED LENDER
The best way to truly know before you go? Get PRE-APPROVED by one of your Realtor’s preferred lenders.

Realtors work with lenders all the time as they are an integral part of the home buying process. Your Realtor has a unique, professional insight into what makes a lender a professional they would entrust with their clients.

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Ready to take that next step? Connect with us today and we will connect you to our preferred lenders. Together, we will help you prepare for home shopping and finding your new home!

Meet Mike Freeman Properties

Mike and Starr Freeman, founders of Mike Freeman Properties, have lived in Central Texas for almost three decades. Their full-service, top-producing real estate firm, specializing in both residential and commercial properties, ranks in the top 1% of brokers nationwide.

Mike and Starr's caring demeanor, thoughtfulness, knowledge of the market and resourcefulness put them in a position to protect your interests at all times.

Members of the Mike Freeman Properties team are strong client advocates and serve with the utmost professionalism, always considering your needs, preferences and circumstances. They will be there to guide you, considering the location of your new home in proximity to your lifestyle and place of work, evaluating the schools your children are best suited for and providing helpful information in one of the most pivotal decisions of a lifetime.

The team works hard to protect the equity you’ve worked diligently to build and are experienced in getting the most a market will bear for their clients. They nurture a legacy of happy past clients and have a proven track record of success, both in real estate and within the community.

Contact Mike Freeman Properties today for your residential or commercial real estate needs.
(512) 694-9769 | mike@mikefreemanproperties.com

 
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