Morgan Rutledge, Keller Williams Realtor

Buying a home is a numbers game, but it’s also an emotional game. That’s why from the get-go, I encourage buyers to only consider homes they can confidently afford. ⁣
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Setting aside what lenders say, buyers should take the time to “try on” various mortgage payments and find the one that fits the best and feels the most comfortable.⁣
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That said, some guidelines can provide a starting point for answering the question: How much home can I afford?⁣
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Most financial experts say housing expenses should be no more than 28% of your total pre-tax income. This includes your monthly P&I mortgage payment, homeowners insurance, property taxes, and PMI payments (if applicable).⁣
For example, if your salary is $55,000 per year, your gross monthly income is $4,583 ($55,000 divided by 12). Your total housing costs (principal, interest, taxes, and insurance) shouldn’t exceed $1,283 per month (28% of $4,583).⁣
Keep in mind that total debt should be under 36% of your total pre-tax income. This includes housing costs mentioned above and credit cards, car loans, personal loans, and student loans.⁣
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Save this post for later, or share it with anyone you know who has plans to buy this year. And, of course, reach out if I can answer any questions that come up along the way!
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Morgan Rutledge, Keller Williams Realtor® 🏠 205.837.0604 // [email protected]
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Are you dragging your feet to buy or sell this spring? Listen up, procrastinating pals!
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NOW is the time to BUY, and NOW is the time to SELL. Here’s why:
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BUYERS: Mortgage rates are inching upwards. That means now is the time for you to lock-in current rates before they creep higher and, at the same time, scoop up the home you've been dreaming of!
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SELLERS: Cash out on that equity! Your house is probably worth more than you think. Contact me if you are interested in seeing what you could potentially sell your house for!
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Ready to get going? Call me!
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Morgan Rutledge, Keller Williams Realtor® 🏠 205.837.0604 // [email protected]
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Take a look at the numbers from March! Not too shabby 😌 Who’s gonna contribute to the April stats? Give me a call! 🔑
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Morgan Rutledge, Keller Williams Realtor® 🏠 205.837.0604 // [email protected]
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