
Therefore, REALTORS® help buyers determine their particular price range.
It is a very important initial step.
Some people feel uneasy or even resentful when sales associates try to
"pre-qualify" them before showing homes. They should recognize that such
personal questions are a sign that the agent is being professional, not nosey.
You must be prepared to volunteer certain information that indicates you
can qualify to purchase a home in the price range you have indicated.
This information includes:
For a loan application, you may need the following documents:
Based on individual situations, items such as Social Security
information, divorce financing, and G.I. certification.
Please remember, this information is confidential. Such information is
needed because it can be discouraging to find a home you really want and
then learn it is out of your price range.
If you have any question or would like further information on this matter, please
send me a message and I will get in contact with you so we can discuss it personally.
It is important to know that monthly payments are determined by several
criteria, including the amount borrowed, the interest rate charged on the
amount borrowed, and the length of time taken to repay the loan. In many
cases the real estate taxes and homeowners insurance are also included in
the total monthly payment.
How much financing you can afford will depend on the family income and your
credit rating. In both cases, guidelines are suggested. For example, your
mortgage payment (principle and interest) plus home taxes and insurance
should not exceed a certain percent (usually between 25% and 28%) of your
family income (see box below).
If you, a relative, or a friend are considering buying a house in a particular
price range, please
Question:
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If I want to sell my house and buy another one, will I be asked a lot of personal,
financial questions?
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Answer:
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The answer to this question is important information for both the real estate buyer and the seller.
The seller of a house wants assurance that a potential buyer will be able to get the needed
financing to purchase the property.
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The amount you can afford to spend on a home purchase will depend in large part on two things:
Monthy affordability index based on 28% of family income
Monthly Income
28% of Income
$3,000
$ 840
$3,400
$ 952
$3,800
$1,064
$4,000
$1,120
$4,500
$1,260
$5,000
$1,400
$5,500
$1,540
$6,000
$1,680
Also, all monthly debts should not exceed 36 percent of your family income.
Most lending institutions use these guidelines.
E-mail me or call. Using a loan amortization payment calculator,
I will tell
you the monthly payment based on the current interest rate and the time period
you wish to pay.
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Windermere Real Estate/Lane County, 1600 Oak, Eugene, OR 97401
E-mail me: JeanH@JeanH.com
Cellular: (541) 554-2573