How much home loan to apply?
First time home buyers are faced with a maze of financial decisions.
It’s a daunting task to sort through mortgage rates, credit scores, and monthly payments to determine exactly what your price range will be for your future home.
Although bankers and real estate agents are there to assist you, it helps to start with a general idea of your bracket. Consider the following things when trying to make sense of your own cents.
First of all, how much of a down payment will you be able to make?
Down payments are the reason why first time home buyers are well advised to sack away cash for at least a year before they purchase. The more you can put down up front, the less you have to borrow… and the less interest you’ll accumulate.
Once you figure out your down payment, do your research. This is where banks and real estate agents can be particularly helpful.