True Affordability Tool
Buying a home is probably the most expensive purchase most people make in their lives.
Many people admire homes but are not really sure if they can even afford the home before they get started on their house hunt. They jump right into the process without really knowing all that is involved.
This is a terrible mistake because sometimes you have made costly mistakes that you can’t undo if you don’t get the right advice upfront.
If you are like most people and considering getting a mortgage loan for your new home, you may rely on a mortgage lender to help you determine how much you can afford. This is usually based on how you fall within their standard lending thresholds. Lenders do their best but sometimes their calculations don’t always take into account all your TRUE expenses including things like hobbies, childcare, travel, medical expenses and more.
All of these extra expenses definitely deplete how much money you have left over each month after all your bills are paid. At the end of the day, that is what matters the most to many people because they want to know how much money they will be able to save or spend after they have paid bills.
There are also some questions lenders are not legally allowed to ask you for certain reasons. Some of these factors though greatly contribute to what you may be able to really afford in your next home. For instance, if you have 3 children in your family you have more real expenses than a family with no children.
Our exclusive True Affordability Tool™ was created to help you with this daunting task and gives you the ability to plan down to the penny. The True Affordability Tool ™ is completely interactive and dependent on your entries for your situation. You can even plan for future events like marriage and joint incomes or upcoming raises or retirement.
Once you finish entering your actual expenses on the Journey Homeward ™ , The True Affordability Tool ™ will give you some suggested price ranges of homes for you to consider. Then you can make more informed decisions about your comfort level for your maximum home price.
And hold on to your hats- this tool will constantly improve for your planning pleasure so send us your suggestions. We would love to hear from you!