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Buying or Selling a Home/mortgage
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Question
I would like to know how to get a mortgage. I have never owned a home or rented any property. I don't make a great deal of money only about 30,000 a yr. I don't have any debts or outstanding loans and my credit is good. Is it possible for me to get a mortgage? and how much can I afford?
Hi Maria;
I would suggest that you talk to a lender and get pre-qualified for a loan. At 30,000 a year your monthly payment cannot be more than about $625 for your payment of the principal and the interest of your home loan. That is 25 percent of your monthly earnings. I don't know how much homes are going for in your area but the lender would be able to tell you about the loan programs they can offer and if you are a first time buyer what you will need to know as well. I cannot tell you how much of a home you can be or what your top limit is for a dollar amount until you are pre-qualified for a loan and go over the various programs. If you can put enough money down to get a good loan with the lowest interest rate you will be able to afford more of a loan (meaning a more expensive home.)
Best wishes,
Jessica Bryan
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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