When you prepare a budget, you'll know what resources you can allocate to mortgage payments, living expenses and other financial situations. Everyone involved in financial decisions should also be involved.
Collect the following to prepare your plan:
Monthly rent or mortgage payments
Utility payments (gas, water, power, telephone)
All other monthly expenses (such as food, child care, dues, etc.).
Annual or semi-annual expenses (such as insurance, car repair, taxes).
Non-fixed expenses (for example, medical expenditures) for the last year. This will give you an estimate of average expenses of this type. Records or an estimate of personal expenses (entertainment, travel, etc.)
Credit card statements
Allow for unexpected items such as medical emergencies, travel and education.
The great news is with the low interest rates we have today, your mortgage works out to be less than paying rent. Carl can show you how you could own your own home.
Subtract expenses from income. Could remaining funds be directed towards a mortgage, debts or additional savings? How will a home purchase fit into your budget? Also consider items like insurance, taxes, repairs and maintenance.
Having served hundreds of first-time homebuyers, Carl can assist you with financial planning and determining your qualifications for a new home.
Over the phone or in person? Carl will review the entire process with you.