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Temecula Properties
Working with Chris and Debi Styner to complete your Temecula real estate transaction is a smart decision. As Southern California natives and licensed professional realtors, our goal is to help you experience the satisfaction that comes with achieving the American dream of homeownership. One way we can help you achieve that dream is by offering sound real estate advice and guidance when it comes time to make an offer. For additional information about our services and available Temecula properties, contact us toll-free at (800) 763-7154 or via email at info@chrisanddebi.com. How Much Can I Afford to Spend?
Many prospective homebuyers wonder how much they can afford to spend on their new home. Since most lenders won't approve you for a loan that's going to affect your ability to repay some or all of your other debts, it's important to have a clear picture of your financial situation when you're reviewing available Temecula properties. When determining the amount of your mortgage, lenders will want to review your gross income. This term refers to your monthly household income before taxes and other deductions are taken from your check. Generally, you can multiply your yearly gross income by 2.5 to determine the approximate amount of the mortgage you can expect to receive. There are typically two calculations lenders will use to help determine how much you can reasonably afford to spend on your monthly mortgage payment. The housing expense ratio basically states that your monthly mortgage payment should not exceed 28 percent of your gross income. The debt to income ratio states that your total debt, including child support, credit cards, student loans, car payments, and alimony, should not exceed 36 percent of your monthly gross income. However, it's important to realize that these calculations aren't set in stone. For example, if you can afford to make a large cash down payment, the housing expense ratio and debt to income ratio become less of a concern during the mortgage application process.
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