Shopping for a new home can be complicated and stressful. Frequently, over the last 30 years, working as a real estate attorney, people have asked me: “Hey, Jeff, where do I start?”
The first question I ask is, How much can you afford to spend? This is a two-part question: How much cash do you have available for a down payment and how much of your income can you afford for a monthly house payment.
That payment will generally include the mortgage payment plus taxes and insurance payments. The answer will obviously depend on what your other monthly expenses and obligations may be.
My first piece of advice is to begin by gathering as much relevant information, beginning with determining the cost of borrowing. That is why I recommend you begin by talking to a mortgage broker. He/she can look at your income level, current expenses and give you a good idea of how large a mortgage you can comfortably handle. That is why I suggest you call an independent mortgage broker. One broker I highly recommend is Scott Lanoff. I have known Scott for over twenty (20) years. He is honest, smart and his consultation is free. Give Scott 20 minutes and he will be able to tell you how much house you can afford and what the monthly cost will be. Check out his website at americansuccessmortgage.com.
If you have any further questions, call me 212-693-3737, Jeff Weinstein.