HOW MUCH MORTGAGE CAN YOU AFFORD?

Buying a home is a big decision. Since it is something most people do not

do too many times in their lives, it might be difcult to know exactly how

much of a mortgage one can aford. Here are three easy steps to help you

figure out how much of a mortgage you can handle without going broke in

the process.

Create a Budget Your first step is to create a budget so you can

easily see how much money you have coming in compared to

your expenses. Be sure to include both short-term and long-term

investments and other savings. Make sure you have at least six-months worth of mortgage

payment sin your short-term savings in case you experiences and unexpected financial

setback.

Account for Increased Expenses When you buy a home some of your expenses will

increase and you will also have some new expenses that you have not had to worry about

previously. You will need money for homeowner’s insurance, property taxes, utilities and

possibly association dues on top of your mortgage payment.

Determine Your Optimal Mortgage Payment Your budget will spell out exactly how much

money you have left over to pay your mortgage. If you cannot aford the mortgage payment

you want to have, you will adjust some of your budget items. For example, you can look for

ways to lower your car insurance costs or take a less expensive vacation.

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Buying a home is exciting, but before you jump into the home-buying process, have a plan, do your homework, and act wisely.

Featured House:Chadbury Way, Kissimmee4 bedrooms 2.5 baths 2,084 sq ft.$244,900Situated on a premium lot at the end of a cul-de-sacUpstairs you will find all 4 bedrooms and 2 full baths. The master bath is equipped with dual sinks, along with a soaking tub and separate shower. The first floor offers a carpeted family room with an open floor concept that connects the dining room and kitchen. The heated pool and screened lanai is easily accessible from the downstairs half bath and the family room. Relax on the lanai while enjoying the view of the 14th hole at Remington Golf Course. This home would make a great single family residence, rental or investment property.