DON’T BE HOUSE POOR! Find out how much home you can afford!
Everyone wants to have their piece of the American Dream…. to own your own home. But just as much as we want to own our homes… we don’t want to be “House Poor.” House Poor is the condition in which you spend so much money on your mortgage that you no longer have the funds to enjoy your morning latte, go on a weekend get-away, our buy that new pair of shoes that keep calling your name, even when they go on clearance.
So, how does one go about avoiding the House Poor Blues. Well, the first step is working with a Northwest Home Team Realty REALTOR, where we respect your needs, wants, AND your budget. Remember, even if your Realtor takes you to look at a home that is outside your budget, they may know something you don’t…. Perhaps the house is over-priced or has been on the market for a LONG time, or they have heard through the grapevine that there is a price drop on the horizon. So relax a little and let them do their job.
If you just want to get a ballpark figure we have a great Mortgage Calculator tool on our web site. Start with the price of the home, figure down payment, and put in the interest rate you qualify for. It will then give you a monthly mortgage payment, and you can decide if that will work for you. Now… if you don’t trust yourself, there is another option, this tool uses your household’s annual income, zip code, and a couple other simple figures…. and it will give you a recommended budget AND a recommended MAX budget.
Regardless of how you choose to set your budget, the brokers and Northwest Home Team Realty in Tumwater, Washington are ready and equipped to help you take the next step in your home ownership journey. We look forward to hearing from you!