What Can You Afford?

Now that you know what you’re looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary. Early on in the process, you’ll want to get pre-qualified for a mortgage loan, which helps determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you’ll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. It pays to check with several lenders before you start searching for a home. The price you can afford to pay for a home will depend on several factors, such as: gross income the funds you have available for the down payment, closing costs and cash reserves required by the lender your debt your credit history the type of mortgage you select current interest rates

Mortgage Calculator

A house is the largest purchase most of us will ever make so it's important to calculate what your payment will be and how much you can afford. This mortgage calculator will show you how much your monthly payment will be.

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©2011 CENTURY 21 Unlimited Real Estate. All rights reserved. All content contained herein cannot be copied or used off this Web site in any way without the express written consent of the owner. Your Pocono Agent Laiana Biela license number RS317164 & broker: Jeffrey H. Siglin license number RM201116, Tannersville, Pa, 570-629-8500 "The data relating to real estate for sale on this web site includes listings held by MLS-IDX Participants of the Internet Data Exchange program of the Multiple Listing Service of the Pocono Mountains Association of Realtors®. Listings marked with the Internet Data Exchange logo are not necessarily the listings of the owner of this web site. All listing data is the copyrighted property of the aforesaid Association and its MLS-IDX Participants with all rights reserved. The information contained herein is believed to be accurate, but no warranty as such is expressed or implied." CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC . An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated. CENTURY 21® is the most recognized name in real estate*.

*Source: 2009 Ad Tracking Study. The survey results are based on 903 online interviews with a national random sample of adults (ages 18+) who are equal decision makers and who have bought or sold a home within the past two years or plan to purchase or sell a home within the next two years. Brand awareness questions are based on a sample of 903 respondents at a 95% confidence level with a margin of error of +/- 3.3%. The study was conducted between March 16 and November 15, 2009 by Millward Brown, a leading global market research organization.