How Much House Can You Afford?
Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand.
To obtain a very clear picture of how much home you can actually qualify for, the best idea is to contact a reputable local lender and let them analyze your entire situation. The lender can calculate your income-to-debt ratio, do a quick credit score and give you the information you need. Typically, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.The first step is to find out what mortgage interest rates are at the current time. You can typically do this with a couple of phone calls to lenders or some quick searching on the internet. Get your rates on conventional fixed rate loans.
We work with a number of loan officers and would be happy to recommend one right for you. We are happy to help!
A Word from Linda
"Thank you for visiting our website! We provide a virtual treasure trove of information about homes and the real estate market in and around the St. Louis area. St. Louis is the city where we have chosen to raise our families and therefore, we know it well! St. Louis is the city where we have chosen to raise our families and therefore, we know it well!"
A Few Words from Linda's Clients
I could not have done it as smoothly and as fast without you. You helped me maintain my sanity and think clearly during a very stressful time of change for our family. -Carley
Thank you for making all of our real estate dreams possible. We could not have done this without you. Also, there are not too many Realtors who would have put up with us for so long without giving up! Nor would they have helped in so many ways... from our first buyers backing out to the appraisal fiasco. We are truly grateful for all you did for us. Love, Beth and Bob (your new family members)
We serve the entire St. Louis, Missouri real estate market including St. Louis and St. Charles Counties. Selling real estate since 2000 gives us the background to assist buyers and sellers in nearly any situation- buying, selling or building new construction.
Relocating buyers and sellers are our specialty as we have served buyers from around the world and sellers moving to every corner of the globe. We know St. Louis and St. Charles Real Estate and specialize in “Bringing Families Home”!!
We look forward to the opportunity to meet you and fulfill all of your real estate needs.
We are just a phone call away at 314-422-2762.
Let’s talk soon!
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