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How Much Home Can You Afford?

Jaime Bourgoin

Jaime is an ambitious and articulate individual who believes effective communication is the cornerstone of success...

Jaime is an ambitious and articulate individual who believes effective communication is the cornerstone of success...

Jul 6 3 minutes read

Are your finances lined up before you put an offer in? How much of a deposit should you put down? 

Jaime:
So you want to buy a house, but how much can you realistically afford? When do you need to know by? Stay tuned.

Jaime:
When you're buying a house? One of the most important factors that you need to take into account is how much you can realistically afford. Well, how do you come to that number? The first thing I'm going to suggest is that you get in contact with a mortgage broker, as soon as you think you're going to be buying a house. And why do I say that? And I've said it before, I'm going to say it again and again, and again. The reason you want to do that is because they'll be able to walk through your financials with you. There'll be able to point out, what might be an issue, what might not be an issue? They'll be able to set up a budget for you. One of the reasons you want a budget is because, okay, you can afford a house up to a certain amount, but is that realistic for the lifestyle you want to lead in that new house?

Jaime:
Another thing they can help you with is if you have issues with your credit score, they can give you advice on how to raise that. That way, when you're ready and you're ready to put your offer in, you can get the rate that you're really looking for. The next thing to keep in mind is your down payment. When you think of buying a house, I think the down payment is one of the first things that you really think of. So the question is when you place an offer, do you need to put down 20%, which is kind of the average, or can you put down 5%? My advice is to talk to a real estate agent and read the market. In a super competitive market, when you're placing an offer, if everything else is the same in the offer are pretty comparable, the seller's agent and the sellers are going to look at your down payment.

Jaime:
They're going to say, "Okay, can this person afford what they're buying? Can they easily afford it? Or are they going to have to rely to the bank to give them the backing in case they can't?" Again, when all other things are the same, that down payment will come into effect than it is something that you need to keep in mind. So while financing may be scary, we're always here to help. You can do this, and if you have any questions, feel free to drop us a line or get in contact. And we'll be more than happy to talk to you about it. As always, stay tuned and stay focused.

Jaime:
And cut.

Considering Buying A Home Or Condo In Jamaica Plain?

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