What Mortgage is Right for My Income?
Yes, sometimes you can purchase a home with zero to little money down. Yes, sometimes you can finance a home for 5 years or up to 30 years. Yes, mortgage rates can be fixed, your taxes and insurance will be included in your payment each month and you can most likely qualify for a loan with good credit and a record of employment of two years. But the big question that is often overlooked is, “what mortgage is right for my income?”
Home is the place you rest, the place you socialize, the place you raise your kids, the place where memories are made. It is also one of the biggest investments you will make in a lifetime, which is why it is so important to consider how home purchases will affect your ability to spend life wisely. It is important to find a home mortgage that will allow you to find the perfect home and still be financially secure.
A great place to begin the quest of home ownership and financial security is with your budget. Do you have enough in your checking account, savings account, and emergency fund to buy a home? Do you have enough money to close on a home? Our First United budgeting tool is very effective in managing where our money goes each month and helping you answer those questions. Also, think about the bigger picture – post-closing. How will this purchase will affect your family’s budget for the next 15, 20, or 30 years?
While there may not be a “cookie cutter” answer to finding the right mortgage for your income, our First United Mortgage team offers multiple loan programs for families, regardless of income level. Some allow higher debt ratios than others, and some allow lower down payments. There are several variables that fit into the equation of finding the right size mortgage for your income. Check out these 16 mortgage specific calculators to help you get an idea of how much you can afford, how much your payments could be, etc.
When it comes to purchasing a home, we want you to spend life wisely in a home that fits your income while leaving room for investments into other areas of life. Financial well-being leads to financial security and the confidence that you will always have what you need to support yourself and your family.