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12
HOUSE HUNTING
CONSULTATION
INSPECTIONS
THE "ONE"
TITLE
MOVING PREPARATION
INSURANCE
FINANCING
Total monthly
housing
expenses
should be
less than
28%
of your gross
monthly
income.
Let 's talk real estate!
Now that you have evaluated what qualities in a home are most important to you, it's time to consult with
a lender who will help you set the price range you can comfortably afford. Ideally, you need to be pre-
approved for a mortgage (not just pre-qualied) before you begin shopping for homes. These days it is
customary to include a pre-approval lender's letter with a purchase contract, so it's best to get this critical
step out of the way.
Your lender will review your nancial situation and establish a maximum mortgage amount. Remember
that just because a lender approves an amount doesn't mean you have to spend up to the limit. The
benchmark in lending on a conventional loan is that your total monthly housing expenses need to be less
than 28 percent of your gross monthly income.
If you are a frequent traveler or perhaps enjoy lots of entertainment and dining out, you may want to
adjust your housing allowance to make room for more lifestyle expenditures. A common mistake rst time
homebuyers make is to overspend on a home and end up "house poor." They have their dream home but
no money for furniture, repairs, or even a night out on the town. Be cautious with your money, and don't
bother even looking at properties far out of your price range.
With your purchase price range set, it's time for us to have an in-depth conversation about your ideal
home. We will talk about locations, schools, local amenities, and household specics. I gather as much
information as possible about your needs, wishes and wants, so I can help you nd your dream home.
