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Judy's Real Estate Tips

 

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Judy Thompson

Our Broker/Owner Judy Thompson would like to share her Real Estate tips with you!

 
Office Phone: (775) 423-8111 or (800) 462-4803
Cell Phone: (775) 217-1231
Email: c21judythompson@live.com
Office Fax: (775) 423-8491
Visit my website at: www.judythompsonrealtor.com

 

Tip of the Month

 

How Much House Can You Afford?

 

When applying for a mortgage loan, how can you determine the amount of money you should spend on a home?  Ask the lender to pre-qualify you for a loan, and then consider the following industry guidelines.

 

Your monthly mortgage payment should be equal or less than 25 percent of your gross monthly income.  Additional debt and expenses should not exceed 30 to 40 percent of your gross monthly income.

 

If your down payment is less than 20 percent of the property value, you may be required to pay for Private Mortgage Insurance.  You will need homeowner’s insurance, so check on the cost of a policy.  Calculate the cost of property tax and utilities.  Be sure to budget a reasonable amount for home maintenance and repairs, and don’t forget the income you are contributing to retirement savings, vacation and your children’s college fund.

 

Minimize stress by ensuring that your budget will bear all the expenses associated with your new home.

 

 

 

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For more helpful information, feel free to contact Judy
or one of our professional REALTORS ®, and visit us again soon to view more tips.

 

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