I currently make 82,000 a year gross income and I am looking to buy a home. I consider my job to be a good one and I make more money then alot of my peers. Everytime I use a mortgage affordability calculator it tells me I can only afford a house thats less then 0,000. Now a house in westchester NY (where I live) under 0,000 will be in need of major repairs or located in a ghetto.
I calculated my budget and all my current debts and according to my own calculations, I can afford a mortgage that is 0,000 if I get a 5% or lower interest rate. I also took into account property tax, pmi, home insurance, heat hot water and electric.
I dont undertsnad why mortgage affordability calculators make it seem impossible to buy a new home (Especially where I live)
Don’t use a computer program to see how much a loan officer will qualify you for.
Talk to a local and experienced loan officer. Not someone over the internet- not someone out of town that your local bank sends you to- but a local experienced loan officer.
There are many things to consider when calculating your mortgage: interest rates, loan terms, and amount financed to name a few. You will have to combine these elements in order to determine your mortgage rate.
To begin with, if you are looking into buying a new home and wish to take out a mortgage, you will first want to look at the purchase cost of the home. If you have been searching for a house you will have no doubt been jotting down numbers and prices.
For details visit this site http://www.cheap-credit-cards.org/mortgages/mortgageratecalculator/ , may be can help you. Thanks before.