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When purchasing a home it’s important not only to find a house that meets your needs, but to also to stay comfortably within your budget. Nobody wants to fall in love with a house and then find out that they are not able to get a loan that will cover the cost of the home.
To determine what type of a mortgage will work best for you and find out exactly how much you can afford, it is always wise to talk to a professional before beginning the home buying process.
In this video Julie Grove Miller, a Mortgage Advisor at Samuel Scott Financial Group, helps future home buyers learn the important steps of identifying just how much they can afford when purchasing a home.
One of the first things that a Mortgage Advisor will look at is your income. Are you a salaried employee, self-employed or do you get a large portion of your income from bonuses or tips? These important questions help identify just how much you make and what you is reasonable for you to be spending each month on housing.
Next, it is important to look at what you are going to use as a down payment source. Have you saved up a lot of money? Will someone be gifting you a portion of your down payment? Identifying just how much you can and are willing to put as a down payment will determine the price range you can begin shopping with.
After that, the Mortgage Advisor will take a look at your credit and credit history. They will look at your minimum monthly payments, student loans and other debts. Taking all of these factors into consideration, the Mortgage Advisor will then calculate and determine a budget that will be realistic and affordable for their buyer.
One thing to keep in mind when shopping around for a home online is not to rely exclusively on the mortgage calculators that many websites have. Although these can give you a quick estimate, there are so many more components and factors that should be considered when purchasing a home. Very often the calculators give only a ‘best case scenario’ and leave people disappointed when they find out they can’t qualify for the home they want.
For best results, it is always recommended to talk directly to a Mortgage Advisor who can really help pinpoint your price range. Truly, the best practice for an efficient home buying experience is to get pre-approved for a home loan up front. This way, not only do you know what you can afford, but you will also have a certificate from your lender that verifies your funding. When you make an offer and have a pre-approval certificate, you a considered a more serious buyer and will have a better chance of being accepted.
If you’d like to get an estimate on what you can afford to purchase or start your pre-approval process, justgive us a call at 858.259.6070 or select one of our Mortgage Advisors to work with. We are here to help!
Julie Grove Miller has been originating mortgage loans since 1989. She developed her business over the years through referrals from realtors, CPAs, financial planners, loyal clients as well as her friends and family.
Julie feels strongly that mortgage financing is a relationship business and as a result takes great pride in the fact that the majority of her clients have come back time and time again for her assistance as their lives change and their families grow.
The mortgage industry has changed and evolved greatly over the years. As a result, Julie continues to seek out new ways to assist her clients in making the best and most informed choice in mortgage products.
Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client. Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve. Consistent and reliable, Samuel Scott Financial Group has been selected as The
President: Todd Pianin
Vice President of Sales: Russ Schreier
Mortgage Advisors: Christian Alvarez, Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.
Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.