Maureen and I were talking business a couple of weeks ago at lunch and we were talking about the delta between what a Buyer can qualify for and what a Buyer feels comfortable with and oftentimes that delta can be pretty big.
Some loan professionals, when they’re looking over your documentation, they’re looking at your income, they might qualify you for the maximum that you can qualify for, but what if that payment is not what you are comfortable with monthly? What if that payment was $6,000 and you’re more comfortable with $3,500 because you’re saving for college, you’re saving for vacations, you wanna have a life, retirement, and go outside the house, etc? That difference can be meaningful. Once you establish that comfortable monthly payment, then you can also establish a range below that and above that so that when you are going out with your REALTOR, they can better establish what fits for you.
When you have that range and you feel comfortable with that, going out and looking at homes with your REALTOR makes the whole process a lot easier and hopefully a little less stressful because you’re not so fearful looking at that big purchase price when you know that your monthly payment will be one that you’re comfortable with.
Work With Barbara
It may take one door. It may take 100. Homeownership adventure is our connection throughout the journey. Contact Barbara today to discuss all your real estate needs!