Buying a new home is a big decision. Whether it’s your first home or your fifth, there is a lot to consider. It’s always a good idea to get a clear view of your finances before starting your search for Oregon real estate. Diamond Realty Group is proud to offer many valuable resources for prospective homebuyers, including our affordability calculator. This tool can give you an overview of some financial potentials and help you narrow down the price range of homes to look at.
When considering buying a new home, and getting a mortgage loan, make sure you know your gross monthly income (income before taxes) and your average expenses. These expenses are ones you will be taking with you, no matter where you live, and typically are related to debts like car payments, credit card payments, child support, etc. Next, take into account the amount you’ve set aside for a down payment—most people put at least 6% down, up to 20% of the home’s purchase price. Lastly, based upon your credit and market factors, you can determine your interest rate. With this data, you can get an idea of how much house you can afford.
Before you begin your search for homes to buy in Oregon, use our free affordability calculator. This can help you decide which price range of homes you should look at, or whether you need to save up more for a down payment or reduce your other debts first. Buying a home should be a fun and exciting experience, and having a handle on your finances is the best way to ensure that it is.
Need more personalized guidance on what kinds of homes you can afford? Reach out to us at Diamond Realty Group today.
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