The days are getting shorter, but the list of positive conditions for buyers could be getting longer. 1. An increase in the number of homes for sale One of the biggest frustrations for buyers has been a persistent shortage of homes for sale. Zillow research showed that prospective sellers were holding off listing their properties in 2020 and early 2021 due to the uncertainty around COVID-19....
First-Time Home Buyer Tips Pay Off All Debt and Build an Emergency Fund. Use the 25% Rule to Know How Much House You Can Afford Save a 10–20% Down Payment Don't Forget to Save for Closing Costs Get Preapproved for a Loan Before House Hunting Find a Home for Sale in Your Price Range Research Neighborhoods for Best...
Questions about what you can afford? Generally, when a financial institution reviews a mortgage application, two basic guidelines are used to determine how large a mortgage to grant: 1) Principal, Interest, Taxes and Insurance (PITI) should not exceed 25-28% of gross income and 2) PITI plus other long-term debt should not exceed 33-36% of gross income. Refer to the mortgage calculator linked below to...