Des Moines, Ia Mortgage Readers!
So for part two of our little series I’m going to briefly discuss taking a look at how much you can afford before you apply for a home loan in Des Moines.
There are basically two parts to how much you can afford. The first is how much can you afford to borrow? Generally you want your mortgage payment, taxes, home owners insurance, and any other monthly charges related to your mortgage not to exceed 30% of your total monthly income. Keep your debt to income ratio around the 30% mark to insure that you’re not stretched out to your last penny when you include your other monthly debts. This will also allow for extra cash flow for applying to your principle each month or for placing into a savings or investment account.
The second part you need to measure is how much of a down payment can you scramble together? When you figure this number out it may be a good idea to sit down with a Des Moines mortgage broker to see exactly what goes where. When figuring your down payment for an Iowa home loan you may want to also keep in mind costs for closing and costs for any repairs you will want to make. You want to make sure you can take a nice chunk out with your down payment, but once again you don’t want to stretch yourself too thin if you plan on paying for other things out of pocket.
Obtaining a mortgage in Des Moines, IA starts by figuring out exactly how much you can afford and still live comfortably. This is a huge investment and for most people it will be a long one. So sit down, take some time and figure out how much your pocket book can take in order to get that Iowa home loan and move into your dream house.
-Dan
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