Home Buying in Singer Island>Question Details

Halley S., Home Buyer in New York, NY

How do I figure out what home I can afford in Singer Island?

Asked by Halley S., New York, NY Mon Apr 23, 2007

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A mortgage lender does not tell you how much you can afford. A lender will tell you the amount you can get approved for. You need to look at prices and figure out the cost of a mortgage, taxes and insurance. Then add in all current bills, expenses and figure out an average it would cost for utilities, water, cable ect. Once you figure out a rough number you need to try to take that amount and put it in a savings account for at least 5 to 6 months. If you are unable to save that amount the home is more than you can afford. This will also show you the lifestyle you will be able to afford with those monthly costs. Many home buyers make the mistake of not doing this and end up in a situation where they can't afford the home or end up being house poor. Anyone t.elling you to simply go by what a bank will loan you is an idiot. This is what you qualify for and is never the same as what you can afford.
0 votes Thank Flag Link Sat Aug 16, 2014
Hi Halley,

The best way to figure out what you can afford is to consult a mortgage broker.

Randy Tanner
RE/MAX Direct
0 votes Thank Flag Link Sat Aug 16, 2014
It is strange how many of the same questions you have asked about so many places. Seems very fake.
0 votes Thank Flag Link Sat Aug 16, 2014
There are likely many homes that you can afford if your median household income is $80,000 or greater! Best of luck! :)

David | Water Well Drilling
0 votes Thank Flag Link Mon Oct 14, 2013
The best way to find out what you can afford is to call a good Mortgage Broker. We can step you through the process of the loan application. This will qualify you based on your credit, income, assets and employment as to which program you can afford based on what the lenders require from borrowers.

Once we know what you can comfortably afford in a mortgage payment, we will be able to establish a range of prices from which a real estate agent can help you shop.

You will go in pre-approved for the mortgage - which will make you a stronger buyer and make your contracts that much more solid for a seller.
0 votes Thank Flag Link Mon Aug 6, 2007
Singer Island is a great place. It really has made a major turn around in recent years. Being you are on the water the first thing I would recomend is to speak to your Home Owners Insurance to A) If you can get insurance and B) How much the policy would be.
0 votes Thank Flag Link Mon Aug 6, 2007
The Realtor you work with should help you determine what is affordable, based on your needs and budget. You should take into consideration what the mortgage, taxes and insurance would be.
0 votes Thank Flag Link Sun Jun 17, 2007
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
First you provide me with a list of the features you require in your home/condo and the location - then I located properties that meet these specifications. Once we focus in on the price range to achieve this, we have our mortgage division experts contact you and complete a Pre-Approval Application which will tell you the optimum amount of home/condo you can purchase based on your downpayment requirements, credit worthiness and income/assets. There are many programs to choose from and working with an expert with a good track records is an essential part of buying a home.
0 votes Thank Flag Link Mon Apr 23, 2007
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