Category Archives: Home Ownership

How Much Home Can I Afford?

So you’re in the market for a new home. That’s excellent! The question now is…how much home can you afford? To ensure that you have the funds available, creating a budget is a key step in the home buying process. You might be surprised to know that owning a home does not require as much money as many people think. With some mortgage loans and certain rates, a monthly mortgage payment can be less than a monthly rent payment, plus you’re working towards owning an asset instead of simply borrowing the living space!

When trying to understand how much home you can afford, what you are really determining is the maximum monthly mortgage payment you can comfortably pay. There are several pieces of data that need to be factored in to calculate how much home you can afford. The very basic information includes your yearly income, monthly debts owed and the down payment you expect to put on the house. Based on these three numbers, you can come up with a rough estimate of the maximum home price you could afford within your current budget.

To get a more accurate and precise number, you will need to take into account detailed information about the new home you are looking to purchase and the mortgage loan that would go along with that. In addition to the down payment, you need to gather the homeowner’s insurance you will be paying, the real estate taxes for the area into which you are moving, and any homeowners’ association dues, if applicable. When it comes to the mortgage loan, you need to know the specific interest rate and the term, or the number of months you have to repay the loan amount.

Have questions about the mortgage process? Contact The Allison Fishwick Team and we can discuss the mortgage process and put you in contact with a knowledgeable lender!

Starbucks fueling customer’s energy and their home value?!

Recent real estate focused articles have described Starbucks to be fueling increased home values in close proximity to their locations! One statistic shows homes closest to the beloved coffee shop increased just over 21% in the past five years, homes farther away increased just less than 17% in value.   This is a market trend…Continue Reading

Is Your Backyard Safe?

Despite the danger of cars speeding down your street or the fear of “stranger danger”, your backyard should be a pretty safe place. Not necessarily…here are five hazards that you should be cautious of when spending time in the backyard. The first danger is lawnmowers. Lawnmowers account for 68,000 injuries in children each year. Some…Continue Reading

Howard Hanna Real Estate Services

Dearborn Birmingham Ann Arbor
22374 Garrison Street 800 N  Old Woodward Ave.
1898 West Stadium Blvd.
Dearborn,MI 48124 Birmingham, MI 48009
Ann Arbor, MI 48103
Suite 210