First-time home-buyers encounter an onslaught of hurdles before they reserve the right to say they truly are home-owners. That is why Riverbank Finance is introducing a new blog series to explain what you can do in-order to prepare yourself for purchasing your first home. Enough jib-jab though. Let’s jump right into things with our very first article about home-buying basics, “What House can You Afford?”
The first step is to gather a few pieces of information that we need first before we can calculate what type of home you can afford.
- Gross Annual Income
- Mortgage Rate
- Monthly Debt (ex. Student Loans & Credit Card Payments)
- Down-Payment Amount
- Annual Property Taxes
- Annual Homeowner Insurance
Once you have gathered the above information, there is a very simple way to calculate the type of home you can afford. Right on the Riverbank Finance website you can find a great calculator to figure out exactly what home you can afford. Just click on the following link to be directed to the calculator: Mortgage Calculator.
This will help you get a start with what home prices you should be searching for however to figure out the exact amount that you can be approved for be sure to speak with a loan officer at 1-800-555-2098. They will be able to help you calculate your pre-approval amount.
Be sure to check back to our blog for the next step in the process towards you becoming a first time home-owner.
