How much house can I afford?, by Claudia S. Nelson with Keller Williams Realty in Woodbridge VA
Always an excellent question. How much home can I really afford? My answer is first of all make application with a lender to determine how much you qualify for. You can apply online at: www.coconnell.com
So now that you have determined how much you qualify for you will have to find out for yourself or with the lender how much mortgage payment you are comfortable with. I normally recommend taking a look at your overall finances. How much money do you currently spend on rent and using this as a general guideline. Personally I love going out, going on vacation and all these fun things. This tells me how much mortgage payment I am comfortable with. I never want to overextend myself, but that’s me and I have been told that fiscally I am a bit conservative. So you have to find out for yourself what monthly payments you are comfortable with, and don’t forget the HOA payments, if you decide to purchase in an HOA. Once you know what amount you are comfortable with take it from there. Ask the lender to figure out how much house you can afford based on what you want your monthly payment to be.
Nothing easier then that correct?
Once all the finances are squared away there is nothing from stopping you to find your dream home.
You should have been searching for homes online while you are working with the lender. This way you know if you want to extend yourself a little further or if your comfort zone and the homes you like match up.
Make sure you contact a local Real Estate Agent that is familiar with the area you want to move to. I live and work in the Woodbridge VA area and I am very familiar with the Woodbridge VA and general Northern Virginia Real Estate Market. It would be my pleasure to assisting you and your family with all your Woodbridge VA area Real Estate needs. Call me today at 571-285-4319 or Text at 202-299-7671.