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| *The Commerce Journal>>>Renting & Real Estate |
Buying a house - first time home buyer? |
I have 13,000 to put down on a condo/home. I make 3500 a month. No other payments- no credit card debt, no car payment, etc. I would like to continue to put away at least 1k per month for the purchase of another property in the near future. What price range should I look at for my first home? What kind of payment can I expect? Wow sounds like you have it all worked out, thats a great down payment and with no other debt I think you will find many lenders would approve you. You should contact a mortgage lender or a realtor to help you, they can get you preapproved and tell you how much you can afford and get you a monthly payment you can afford. Here is some great information I found online for home buyers, it may not be for your area but I think you will find it useful. good luck! I would contact your bank and speak with a lending agent. They can run some preliminary numbers and give you an estimate of an amount that you can afford. One thing to note is that the number they give you may not include property taxes, insurance, private mortgage insurance etc. I would ask them for a fair estimate on these as well. Hard question with no solid answer. How much do you feel comfortable paying? What location are you looking to buy in? Many realtor websites can give you a ball park figure on how much you can afford with the information you provided. Just dont get over your head. Be smart and buy in your price range. |
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