The first step in finding your price point is to look into your credit and see the loan amount you qualify for, from your local bank. For example if they say you qualify for a loan of $400,000 dollars you don't want to look at a house worth $500,000. This means you would need cash to put down on the house because the bank is only loaning you $400k. From a logical standpoint staying under your loan amount makes the much sense; therefore you will be able to afford monthly payments and hopefully put money down on the home.
Exceeding your price point may cause you to get behind on bills and your home to be foreclosed on. No-one wants that to happen.
Ashlee this was very beneficial. I understand the fact of not going over the loan amount, but you don't factor in the money down. that was good information. Not trying to tell you what to do, but how about doing a blog or short series of blogs if it's a lot of information on the steps to buying a home. I mean like from the very beginning. that is definitely some need to know information, and you would be the person to educate us on that. have a blessed evening.
ReplyDeleteI will write a blog on that! I'm glad you're enjoying the information.
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