OWNER / BROKER
Realtor
Broker Salesperson
Realtor
Sales Associate
Realtor
Sales Associate
Realtor
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| BARBARA LIGHT OWNER / BROKER Realtor |
Sylvia
Torrey Broker Salesperson Realtor |
Elaine
Chorlton Sales Associate Realtor |
Janice
Whelan Sales Associate Realtor |
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| HOME BUYING TIPS |
 Purchasing
a home is a major financial responsibility. Because your money will
only
stretch so far, you need to buy a home that fits within your budget.
Lots
of people don't even consider buying a home because they are afraid
they
will not be able to afford it. But often home ownership is within your
reach, particularly with some of the special programs available to
first-time
home buyers. In fact, sometimes home ownership is just as
affordable
as renting, and in some cases, even more affordable. |
 Home
ownership can actually add to your savings as mortgage payments help
build
your net worth. As opposed to rent payments, a portion of
your
mortgage goes toward building equity (i.e. the difference between the
market
value of a house and the amount still owed on the
mortgage).
As you pay off the mortgage, you owe less on the home and "own" a
larger
share of it. |
 Another
financial benefit of home ownership is that mortgage interest payments
are deductible. By owning a home, you can write off the
interest
on your mortgage on your tax return. In many cases, this
will
take you above the minimum itemized deductible, allowing you to write
off
many other items. |
 On
the flip side, there are some situations where renting may be a better
financial situation than buying a home. If you will be in a
particular community for under three years, if the local economy is not
doing well, if unemployment is rising, or if your future income will
not
provide you with enough for mortgage payments and other financial
responsibilities
to owning a home, then renting may provide the better option. |
 When people start
thinking about buying a house, one of their first
questions
is "How much can I pay for a house?" Look at yourself through the
eyes of the lender. Banks want to make sure you are able to
afford the home you buy and they will decide if you meet their mortgage
requirements. |
 As
a general guide, you can purchase a home worth two or three times your
annual income, depending on your savings and debts. Your
total
monthly payment for housing expenses, which include mortgage principal,
interest, taxes, and insurance (PITI), should not exceed 30-40% of your
total monthly income. |
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