This is fabulous advice for First-Time Home-buyers from one of Oregon's foremost real estate agents.
He offers to put new buyers in touch with a good loan officer. I am always happy to do the same.
How much do you think you can afford per month is one of the first questions I ask a potential home buyer, then I tell them to subtract $200 from that. Usually, when a first time home buyer is looking at homes, they take their rent and add what ever extra money to that per month and that is how they come to their conclusion of what they can afford.
But, is that really what you can afford per month? Prior to home ownership did you rent an apartment or a home? If you rented an apartment, I promise you your expenses will go up! You will now have water, cable, garbage, and heck even your heating and cooling bill will go up, because you are more than likely heating a much larger area than you were renting. (Don’t forget home owners insurance!)
Now, if you were renting a home, you need to calculate into your monthly budget the taxes on any particular home, and in the Tigard area, that can easily be anywhere from $100 to $300 a month. Most online calculators don’t add in the taxes to your monthly payment.
If you are looking to buy your 1st home, and need some advice on how much you can afford, please contact me and I will get you in contact with a good lender. They will give you the real numbers and what you need to expect each month and then you can decide for yourself if you really are ready to buy a home.
Palazzo Realty Group
©2009 Todd Clark - How much can you afford per month for your mortgage payment… Now subtract $200!
Principal Broker / Owner
Graduate, REALTOR Institute e-PRO
2015 Member, Million Dollar Club of Lane County
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