Buying an Affordable Home in Bullhead City, Fort Mohave, Mohave Valley and Golden Valley
Most people have a general idea of how much they feel comfortable spending. It's equally important to know how much a lender serving Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities will calculate you can afford. With assistance provided by your Country Ranch GMAC Real Estate Real Estate Agent, you'll be able to better prepare the many details required during the financing application process.
- Evaluate your financial situation as the lenders do. Typically, your total monthly housing costs of mortgage principal and interest payments, property taxes and hazard insurance (PITI) should not exceed 28 percent of your gross monthly income. Or, housing costs plus any outstanding monthly long-term debt should not exceed 36 percent of gross monthly income.
- Determine how much your financial institution is willing to lend you. Our Mortgage Calculators and the chart below can help you get a good idea of the capital you’ll have to work with, but you should call on your Agent for help during the prequalification process.
- Know how much you can afford in monthly payments. Lenders factor in sales price and down payment, but place more importance on how much you can handle monthly.
- Become a preapproved buyer. Preapproval gives you more buying strength since the lender makes a credit decision and preapproves you for a certain mortgage amount. You'll know what price range your lender will approve -- and you'll be in a position to make an offer as soon as you find the right home.
Your mortgage power may surprise you. This chart shows how much house you can afford at any given interest rate. To use it, simply find the monthly payment you can afford and read across to the nearest current interest rate. The point where the two intersect shows you how much mortgage that monthly payment will buy.
It is important that you obtain a mortgage pre-approval. This is an essential time-saver when you come upon the house you want to buy. Mortgage pre-approval is like securing a loan before you find a house, and it’s real peace of mind to know exactly what you can afford.
Payments below are based on a 30-year amortization and include principal and interest only. Ask a Country Ranch GMAC Real Estate Real Estate Agent what to add for taxes and insurance.
Contact Country Ranch GMAC Real Estate Today for your Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities Real Estate Needs
If you are thinking of buying a home, selling a home, or want to talk with an expert Real Estate Agent with detailed knowledge of Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities, please feel free to contact us. Simply call us at 928.758.8811, or e-mail us at broker@countryranchgmac.com. We’ll be glad to talk with you, and help you with all of your Bullhead City, Fort Mohave, Mohave Valley, Golden Valley or any of the other Mohave communities Real Estate needs.
