How much house can I afford
To determine how much house you can afford, you can use a mortgage calculator with the following
Mortgage Calculator
How much house can I afford
To determine how much house you can afford, you can use a mortgage calculator with the following:
Key Factors:
- Income: Your monthly gross income.
- Debt-to-Income Ratio (DTI): This is the percentage of your monthly income that goes toward debt payments. Lenders typically prefer a DTI of 36% or lower.
- Down Payment: The amount you can put down upfront, typically expressed as a percentage of the home’s price.
- Interest Rate: The annual interest rate on the mortgage.
- Loan Term: The length of time you will take to repay the loan, usually 15 or 30 years.
- Property Taxes and Insurance: Estimated monthly costs for taxes and insurance.
To use this calculator:
- Enter the Loan Amount
- Enter the Annual Interest Rate
- Enter the Loan Term in years
- Enter the Earnest Money amount (if any)
- Click the “CALCULATE” button
Ready to Secure Your Dream Home? Get Pre-Approved for a Mortgage Today!
At Federated Homes Realty, we understand the excitement and complexity of the home-buying process. That’s why we’re here to guide you every step of the way, starting with getting pre-approved for a mortgage.
Our team of experienced real estate professionals will work closely with you to:
✓ Evaluate your financial situation and determine your borrowing capacity
✓ Identify the CHFA mortgage programs you may qualify for, including special loans for teachers, police officers, military personnel, veterans, and residents with disabilities
✓ Provide a detailed estimate of your monthly mortgage payments and closing costs
✓ Walk you through the entire mortgage application process, ensuring a smooth and stress-free experience
Don’t let the paperwork and uncertainty of securing a mortgage hold you back from achieving your homeownership goals. Take the first step today by contacting our team at Federated Homes Realty.
Get pre-approved now and start your journey to becoming a proud homeowner in New Jersey. Call us at (973)678-4688 or visit www.federatedhomes.com to get started.