Brody's Guide To Financing


Brody's Guide to Financing

One of the most important aspects of purchasing a home is securing financing. This is the largest purchase in your lifetime so it's essential to pay attention to many key factors. For starters, most people focus solely on the purchase price. While knowing your purchase price is important, it’s only a small part of the overall process.

This phase of my financing blog will focus on the importance of your financial comfort zone and working, “backwards”. What I mean by working, “backwards” is focusing on what you can afford to pay monthly(including your mortgage, taxes & insurance) while also taking into account your other monthly expenses. One of the biggest mistakes buyers make is focusing on what they are qualified for rather than what they can comfortably afford. Many times there is a major distinction between the two because of factors such as taxes and insurance which can be quite different from property to property.

One of the biggest pieces of financing advice I can give is to know exactly where your monthly payment needs to be prior to searching for homes. It can be very disappointing to look at homes priced in the $300,000 range only to find out down the road your, “comfort zone” is around $200,000. The last thing in the world you want to happen is to close on your new home only to realize you have limited $ leftover to use for all the other things you need/want. Let me be your guide in this home buying journey. Information makes this process simple and transparent so stay tuned for my next post!

Jay Brody
Remax ACR Elite