Tips for Determining Your Home-Buying Budget

Posted By Ryan Nielsen @ Apr 13th 2016 12:50pm In: General

If you're looking to purchase a new home in Dallas, Cindy Petty Realty knows how important it is to make sure you find the house you want inside the budget you can afford. In this article we'll look at some of the ways you can use to determine what your home-buying budget should be.

Things to Consider When Putting Together a Home-Buying Budget

First and foremost, you'll want to meet with a mortgage broker and see how much you can afford to pay for a home.Once you know this, you can look into getting pre-approved for a mortgage loan. This puts you in a better position to negotiate with sellers.

You also want to make sure that you get the right loan amount for you that works with your budget. this means you needs to know a few things about how mortgage loans work.

What You Need to Know About Loans

Remember that a bank will ask for very detailed information regarding your finances. This will include things like:

  • Current mortgage, taxes & insurance information on properties your own, or
  • Current rental information
  • Verification that taxes are paid on owned properties

Once your loan is completed, you'll know how much a bank is willing to pre-approve you for a mortgage loan. Even though the bank will know some specific things about your income and your expenses, there are important things they do not account for. When putting together a home-buying budget for the Dallas area, only you know how your discretionary income is spent. Make sure your budget accounts for things like:

  • Groceries
  • Gas
  • Health insurance premiums
  • Other recurring payments

At Cindy Petty Realty we want to make sure you get the right home for you, your family, and your budget.

How a Trusted Local Realty Company Can Help

If your family is considering purchasing a Dallas home, give Cindy Petty Realty a call at (469) 360-9917 today. We can answer whatever questions you may have. And we're confident that we can help get your family into a house you'll love within a budget that works for you.

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