 Tammy Zurfluh Mortgage Planner Vice President Office: (815) 986-7108 First Time Home Buyer? How much home can you afford? Need a Bridge Loan? Need a Construction Loan? What items will be needed for the Application? |
 Back to Frequently Asked Questions How much home can you afford? Deciding how much house you can afford is a personal decision. Many factors come into play. How much can I borrow? How much can I put toward my down payment? What size monthly payment can I afford? Knowing how much you can borrow is helpful to know before you begin your home search. We are here to help you with that. Our mortgage calculators will help you see how your down payment, monthly payment and amount you borrow all interrelate. There are many things to consider, such as, if you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments. If, on the other hand, you plan on a 15 year mortgage, you will probably want to make a larger down payment to keep your monthly payments in line with what you can afford. An important aspect to think of is the reality of what size payment you can afford each month. In figuring this out you will have to consider what other monthly expenses you have. Tangible expenses such as car payments, day care and utility bills, all play a role in how large a monthly payment you can afford. There are also the intangible expenses or lifestyle expenses that you will want to consider. Things such as dining out, travel and when you buy your next car can effect how much you can afford. Are you willing to curtail or delay some of these expenses in order to afford a larger monthly payment? There are no clear cut answers to these questions; however we can make it easier on you by giving us a call to set up an appointment. |
