Before You Look at Your First House

Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.



Here are the questions that each home buyer should ask:

  • How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
  • Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
  • How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
  • What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.

The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).
Mortgage Calculator:
Sales Price: $
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Today's Rates:

Mtg Loan    Rate  APR
30-yr Fixed4.97%5.13%
15-yr Fixed4.33%4.56%
1-yr Adj4.27%5.3%
* national averages

  Katie Mitchell

Associate Broker, REALTOR ®, ABR, CDRS, CRC, SRES

RE/MAX Greater Atlanta
10220 Medlock Bridge Road • Duluth, Georgia 30097
Direct: (678) 942-0630 • Fax: (678) 301- 3814 • Office: 770-291-0100
Email: KatieMitchell@remax.net

Thanks for visiting KatieMitchellRealtor.com & KatieMitchell.net- Your online Georgia Real Estate Resource.  Whether you are a first time buyer or an experienced investor, you will find useful information about how to choose the "right" property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed real estate decision in todays market.  As a RE/MAX Greater Atlanta Full Service Realtor I will do my best to give you "Greater Service...Greater Results".

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If you currently own property and are thinking of placing it on the market, this site contains information about preparing your home for sale, pricing your home appropriately, marketing it effectively, going through the inspection processes, and receiving a timely market evaluation.

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The information contained in this web site is from sources believed reliable, but not verified or guaranteed and is subject to change without notice. Interested parties are advised to seek the advice of appropriate professionals for advice. 

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