Everyone’s budget is unique, and our desire at First Choice Loan Services Inc. is to match you with a loan program that lets you not only enjoy your home, but also the life you lead outside of it. To best do this, it’s important to make a distinction between how much you could borrow and how much you should borrow.
A major step in determining how much you should borrow is to set your budget. Your savings, level of current debt, foreseeable debt, and pre-tax income should all be taken into consideration. Questions to ask yourself include:
What budgetary changes would you potentially need to make?
Do you have savings accounts, education funds or retirement needs to consider?
Are there available funds for a down payment and closing costs?
Could you pay discount points?
How much can you reasonably set aside for maintenance and repairs?
Are you prepared to pay property taxes, insurance, utilities and other homeowner fees?
Once you’ve assessed all the expenses of homeownership, First Choice Loan Services can help you to determine how much you are able to borrow.
When you are aware of how much you could borrow, you’ll want to decide how much you should borrow by considering the type of home you want to own. For this, you can ask yourself some of the following questions:
What needs you have that the home should meet?
How many bedrooms and bathrooms do you prefer?
What other type of space requirements do you have?
Do you want a single-family home, a condo, a townhome or something else altogether?
Should you seek a one-story or two-story home?
How much home maintenance is acceptable for your lifestyle?
Do you foresee repairs or improvements?
Is your home in close proximity to your office or work?
Are you and your family interested in and comfortable with the area?
Are the school districts a good fit for your children?
What type of yard do you desire?
When you have these questions answered, you’ll better know the type of home you’re looking for and what’s available within your price range.
Your First Choice Loan Services Loan Originator can sit down, review your budget with you, and help you to understand how it translates into a realistic monthly payment that allows you to live comfortably in a home that you love. We will work with you to find a loan situation that allows you to enjoy the present and achieve your long term financial goals in the future.
While the task of simultaneously selling one home and buying another was daunting, the team at First Choice made it all seem easy. They not only performed several magic acts to help us get the job done, they did it with professionalism and expertise. -Victor T. | Kapaa, HI | 6.5.2019
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