Posted: under Financing.
Tags: Allen Davis, Budget, Good Faith Estimate, I want to buy a new house - how much can i afford, Money Management, Personal Finance, Real Estate, Realestatesearchdirect.com
“I want to buy a new house – how much can I afford?”
This is a question on many first time home buyer’s minds. Ivana Newhouse was in the same situation.
Once her fiancé, Homer, convinced her that they should own a home together when they got married, Ivana started looking at properties for sale. But she didn’t know whether or not she could afford what she was looking at.
Ivana didn’t want to waste her time looking at properties she could not afford. She also didn’t want to settle for something that didn’t fulfill her wants and needs if she could afford something better.
She decided that figuring out their affordable price range was the first step in their search.
Ivana went to see Homer and asked him to work with her to determine what they could afford.
They came up with the following steps to determine their price range.
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Mar 17 2009
Posted: under Financing.
Tags: Allen Davis, Home Loan, Homer Buyer, Money Management, Mortgage, Personal Finance, Real Estate, Realestatesearchdirect.com, Technorati
In these troubled times, buying a home is more complicated than ever. So where do you start when buying a house?
Homer Buyer was eager to begin his search for a home. He had started planning to buy a home while he was still in graduate school. Now that he had a job and a decent income, he wanted to be a homeowner.
Homer started his search by looking in the newspaper classified ads and searching online for homes for sale. Homer saw many homes that looked interesting to him. He was judging mostly by location and appearance.
Homer had no idea how much room he needed or what amenities he needed. He had never bought a home before and he hadn’t really thought about what would be involved.
Homer was quickly overwhelmed by all the choices to sort through: Mobile Homes, Condominiums, Town Houses, Single Family Residence, Single Family Attached, Co-op. This was just the broadest of classifications. There were multitudes of options within each of these types.
There were houses with anywhere from 0 bedrooms to 5 bedrooms and 1 bathroom to 6.5 bathrooms. “What the heck is half a bathroom anyways?” Homer wondered?
There were some with a carport and others with 3 car garage. Air conditioning, central heating, swimming pool, basement… The list went on and on.
Homer wondered how he would ever figure out what property to buy. Then there was the matter of price. Homer knew how much he was paying for rent, should he use this amount to figure out what he could afford to buy? How did it relate to a house payment?
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Jan 31 2009
