Looking at a newlyweds scenario based on household income and what they can afford to spend on housing will provide additional clarity on how much to spend on a mortgage. Looking at a specific scenario of gross income equaling $60k and then showing what typically will reduce that income providing you with your actual take-home pay, will help you determine what you can spend. Looking at typical percentages of mortgage debt, it may be best to consider buying a home with an ADU, guest house, casita or FROG and then renting it as a vacation rental in order to prevent having too high of a mortgage in relation to your income.

Looking at the average beginning salary for a college graduate and how that relates to what you can afford is an important step in life. Looking at a specific scenario of gross income equaling $48k and then showing what typically will reduce that income providing you with your actual take-home pay, will help you determine what you can spend. Looking at typical percentages of mortgage debt, it may be best to house hack or work to increase your income in order to hit the right percentage without having too high of a percentage going to housing.

The thought of paying cash for real-estate may seem untenable, so most proceed with getting a mortgage without actually looking at what it would take to pay in full. Covering three benefits to a mortgage and three for paying cash will help you determine whether the delay for instant gratification is the right move for you.

It’s important to sit down and ask yourself some key questions before stepping into making the largest purchase most people make; a home! Looking at five areas recommended to think through, will be a great start to ensure that you are actively thinking through what it is you want out of life and then how your home can support or facilitate that.

How much of a down payment is really necessary?? Whether it’s the monthly payment, mortgage insurance, down payment, or interest rate, there are so many questions that come up in the home buying process. Being prepared to know what you are realistically looking for will ensure that you don’t put too much or too little down based on your situation.

Arguably the most important aspect of purchasing a home once you narrow down the location, size, and must-haves, is negotiating! Not only knowing the area, comparable sales and repairs needed, but also getting creative may help you land that deal. The closing process can feel like a long one, but is much easier without having the what-ifs around the purchase price and negotiation.

It can be difficult to know what kind of mortgages are out there that you can take advantage of based on the season of life that you’re in. There’s two categories of loans outside of creative products that are out there including conforming and nonconforming loans. Looking at fixed rate or variable or term duration, there is a lot to consider.

Buying a home is one of the largest financial decisions most people make! Looking at not only what gives you peace of mind in your purchase but also the steps of making sure the lender has what is needed to underwrite the loan will expedite the process.

You have probably heard of the term HELOC or home equity loan. These are loans against the appraised value to the balance you owe, or otherwise known as the equity in your home. When looking at the equity that you have available to you, you may be tempted to not have it sit there when it could be used for other purposes. Home equity is something that you should be careful not to tap into unless it is to increase in value or especially the value of your home. If you have determined the use of the home equity product, the options we are covering are quite simple.

We can all be tempted by the low interest rate environment that we’ve become accustomed to. The interest rates now sitting lower than they were during the Great Recession. Looking at the difference between the average interest rate over the last 10-years and what it is today, we can see that the difference is relatively nominal to a houseful for budget. We will be looking at why it’s not smart to rush buying a home based on the interest rate!