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Home Sweet Home… But Can You Afford It?
from:You’ve finally found your dream house and are ready to commit but there’s that question of home mortgage affordability. Don’t let this thought scare you away just yet. Find out if you can go ahead and buy that house at last.
1. Know how much you have and how much you owe. How much income are you receiving at present? Is there a chance that it would increase? What will be your financial situation several years from now?
How much money do you owe to creditors? How much monthly payments do you make? Can you still afford to shell out more money after the bills are paid?
You’ll need a consistent source of income that can cover your mortgage and other expenses. Try to foresee possibilities that you’ll need to factor in: a new child, changes in the job, back-to-school plans and cash-flow five or several years from now. Be prepared to be in it for the long haul.
2. If your debts are well managed, then you can afford a home mortgage. The lender will approve your loan more quickly if he sees that your debt-to-income ratio is well within manageable range.
The lender will ensure that your payments will only total 33% or less of your monthly gross income. Otherwise, pay off some of your debts before applying for a home mortgage.
3. Decide which one you prefer: fixed, adjustable or balloon rates. Paying a fixed rate is a more popular choice because it can protect you from surges in interests while paying the lowest rate possible for an agreed period of time may be lighter on your budget, but your mortgage payment can go up later.
4. Interest rates will go up and down depending on the activity of the market. If you can read and understand market trends and economic indicators, you can save a lot of money.
5. Be prepared to pay a downpayment. Typically, it is about 20% of the total price. A house priced at $200,000 will require a down of $40,000. There are also loans with low or no-downpayments, but it will cost you in terms of equity in the long run.
6. You have enough money saved that’s equivalent to at least three months’ monthly income. This will help cover unexpected expenses that could affect your mortgage payments.
There is no fixed answer on the affordability of a home mortgage. It will all depend upon your income, debt, interest rate and other factors. If the home mortgage fits into your personal situation, then you can definitely afford it.
Home Loan Refinance Rate Specific links
Home Loan Refinance Rate News
US MBA’s Mortgage Applications More Than Doubled Last Week - Bloomberg
 Yahoo | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Fed’s announcement sent the rate on 30-year fixed mortgages down to a three-year low, sparking demand to refinance adjustable-rate loans. ... UPDATE 1-US mortgage applications post largest gain ever Home Loan Applications Surge On Low Rates FINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match |
Financial industry pushes for lower mortgage rates - The Associated Press
 CEP News | Financial industry pushes for lower mortgage rates The Associated Press - Additional purchases could drive mortgage rates down further, and enable Fannie and Freddie to purchase or back more home loans. ... Paulson Considers New Plan to Lower Mortgage Rates (Update1) |
Mortgage applications up 112.1% last week, due to drop in rates: MBA - MarketWatch
Mortgage applications up 112.1% last week, due to drop in rates: MBA MarketWatch - Applications to refinance an existing loan rose 203.3% last week, compared with the week before. Mortgage applications to purchase a home rose a seasonally ... UPDATE: Builders Soar On Lower Rates, But Pain Persists 30-Year Rates At Lowest Since ‘03 |
Fixed-rate trap snares 43000 home owners - Sydney Morning Herald
 Sydney Morning Herald | Fixed-rate trap snares 43000 home owners Sydney Morning Herald, Australia - Figures from the Bureau of Statistics show 43632 borrowers signed on to new fixed home loans between March and September, when lending rates were at a ... |
Lower mortgage rates help but jobs, prices key - Reuters
 Boston Globe | Lower mortgage rates help but jobs, prices key Reuters - A government plan to sop up hundreds of billions of mortgage securities spurred a bond rally that yanked 30-year home loan rates down half a percentage ... Chinese developers hatch new ideas in tough market |
Fed will buy $500 billion in securitized home loans - IndiaPost.com
 Reuters | Fed will buy $500 billion in securitized home loans IndiaPost.com, CA - The Fed's action helps not only buyers, but also homeowners with adjustable-rate mortgages who want to refinance into fixed-rate loans. ... Long Bond Returns Most Since 1995 Amid ‘Bubble’ Talk (Update2) US Treasury Yields Drop to Record Lows on Deflation Concern |
Recession Lowers Mortgage Rates for VA Loans, Flagship Financial ... - PR Web (press release)
Recession Lowers Mortgage Rates for VA Loans, Flagship Financial ... PR Web (press release), WA - "Many veterans have been on the sidelines waiting for the perfect time to refinance or buy a home. Rates get to the point at which they thought they would ... |
Mortgage Refinance Applications Soar As Rates Fall - EasyBourse.com
Mortgage Refinance Applications Soar As Rates Fall EasyBourse.com, France - Additionally, the US Treasury Department is considering a plan to revitalize the US home market by reducing mortgage rates for new home loans. ... |
Refinancing Mortgage Loan, Countrywide Home Loan & Equity Loan Rates - ScienceBlog.com
 Javno.hr | Refinancing Mortgage Loan, Countrywide Home Loan & Equity Loan Rates ScienceBlog.com, CA - From new Construction Loans to Countrywide Home Loans, Mortgage Loan Refinance and Refinancing Mortgage Rate. Whether you have great credit, marginal or bad ... Lower US mortgage rates offer hope to Main Street Fed Aid Sets Off a Rush to Refinance The Fed-Backed Refinance Wave |
Mortgage rates fall, but many borrowers will have trouble qualifying - Los Angeles Times
 Telegraph.co.uk | Mortgage rates fall, but many borrowers will have trouble qualifying Los Angeles Times, CA - In Southern California, rates on 30-year, fixed-rate home loans for $417000 or less have fallen to about 5.25% -- down about half a percentage point from a ... Freddie Mac shows weekly decline, Fed actions spur even lower rates US move cuts mortgages to lowest rate since February Mortgage Rates Tumble on Fed Debt Purchasing Plan (Update1) |