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How do you help clients set a realistic budget for their mortgage?

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Buying your first home is an exciting and rewarding experience, but it also comes with a lot of financial decisions. One of the most important ones is how much you can afford to spend on your mortgage. A realistic budget can help you avoid overspending, stress, and debt. Here are some tips on how to help clients set a realistic budget for their mortgage.

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1 Understand the basics of mortgage payments

A mortgage payment consists of four main components: principal, interest, taxes, and insurance. Principal is the amount of money you borrow to buy the home. Interest is the cost of borrowing the money. Taxes are the property taxes you pay to the local government. Insurance is the coverage you need to protect your home from damage or loss. Together, these four components make up your PITI, which is the total amount you pay each month for your mortgage.

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2 Calculate your debt-to-income ratio

Your debt-to-income ratio (DTI) is the percentage of your monthly income that goes toward paying your debts, including your mortgage, credit cards, car loans, student loans, and other obligations. Lenders use your DTI to determine how much you can borrow and what interest rate you qualify for. A lower DTI means you have more money left over for savings, investments, and other expenses. A good rule of thumb is to keep your DTI below 36%, which means your monthly debt payments should not exceed 36% of your monthly income.

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Josh Manning

*** Hiring for LO's and branches who want to increase their production. We offer an amazing and efficient operations team, direct access to loan programs, and a market
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This is all accurate, however there are some exceptions to this rule. Good credit good down payment shorter term etc can get you higher debt income ratios. Also, go some government loans allow for higher debt income ratios as well

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3 Factor in your down payment and closing costs

Your down payment is the amount of money you pay upfront to buy the home. The more you put down, the less you have to borrow and the lower your monthly mortgage payment will be. However, you also need to consider the closing costs, which are the fees and charges you pay to finalize the purchase of the home. These can include appraisal fees, title insurance, escrow fees, origination fees, and more. Closing costs can range from 2% to 5% of the home price, depending on the location and the lender. You should have enough money saved to cover both your down payment and your closing costs.

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Josh Manning

*** Hiring for LO's and branches who want to increase their production. We offer an amazing and efficient operations team, direct access to loan programs, and a market
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If you got a good realtor, you can get the sellers to give you a seller credit, this can help offset closing costs and prepaids.

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4 Review your income and expenses

Your income and expenses are the key factors that determine how much you can afford to spend on your mortgage. You should review your income sources, such as salary, bonuses, commissions, dividends, and other earnings. You should also review your expenses, such as rent, utilities, food, transportation, entertainment, health care, and other bills. You should track your income and expenses for at least three months to get a clear picture of your cash flow. You should also account for any changes in your income or expenses that may occur in the future, such as a raise, a promotion, a job loss, a medical emergency, or a family addition.

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5 Use a mortgage calculator

A mortgage calculator is a handy tool that can help you estimate how much you can borrow and how much your monthly mortgage payment will be based on various factors, such as the home price, the loan term, the interest rate, the down payment, the taxes, and the insurance. You can use a mortgage calculator to compare different scenarios and see how they affect your budget. You can also use a mortgage calculator to see how much you can save by making extra payments or refinancing your loan.

Setting a realistic budget for your mortgage is a crucial step in buying your first home. By following these tips, you can help clients find the best mortgage option for their financial situation and goals.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you help clients set a realistic budget for their mortgage?

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1 Understand the basics of mortgage payments

2 Calculate your debt-to-income ratio

3 Factor in your down payment and closing costs

4 Review your income and expenses

5 Use a mortgage calculator

6 Here’s what else to consider

Working with First-Time Home Buyers

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