|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 317-819-3388.
|
Keith Takes the Worry Out of Building
"The 'Guarantee Sale' option felt like a safety blanket for us."
Mr. & Mrs. Zike
Read Quote >
View All Quotes >
|
For title and escrow services, please contact 317-684-3800.
The Albrecht Team are some of The Top Selling Real Estate Experts™
Find Out More > |
 Compare three mortgages at one time.
Download TripleCalc now. It's free. |
|
|
 |
Please Sign Up For The Latest Listings and the Latest Real Estate News
First Time Buyers >Affording A Home
Are you getting ready to buy your first home? It is important to know how much you can afford before you begin looking at properties. Talking with a lender and getting pre-approved for a loan puts you in a stronger negotiating position with sellers.
As a rule, your monthly housing costs should not exceed 28% of your monthly pre-tax income. These costs include the mortgage payment, real estate taxes, and insurance. If you have long-term debts, such as student loans or car payments, your monthly payments, including your housing costs, should be less than 36% of your pre-tax monthly income. Some loans, such as VA and FHA loans, are more flexible with these basic guidelines.
Depending on which type of mortgage you select, you can consider houses in various price ranges. An adjustable-rate mortgage will usually enable you to qualify for a higher loan amount. Your real estate agent can help you make the basic calculations. Remember that buying at the top end of your price range gives you more time to outgrow your home, and can save you money over the long term.
|
| Q |
What does "contingency" mean in real estate?
|
| A |
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence." |
 See More Real Estate Trivia > |
|
|
Chicago Title
Chicago Title offers customers the most complete real estate services in the nation. You can count on us for all your real estate-related needs.
Find Out More >
View All Affiliates >
|
|
|
- NUMBER1EXPERTS™ 
