How much Can I Afford?

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BUYER INFO

How much Can I Afford?

Before you go out looking for a home, you can get an idea of what you can afford by using our Finance Tools. This handy tool will help you estimate how much mortgage you can handle.

Another thing to consider is your down payment amount. Think you can’t buy a house without a 10% or 20% down payment? Thanks to more lenient government guidelines and new mortgage products, many people can now get into a house for as little as 3% down-or less. There are even some special programs for first-time buyers that help with closing costs.

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The Benefits of Equity

Equity is the principal part of your monthly payment that you can use as a down payment on a new home, or collateral for a home equity loan. You can use a home equity loan to finance home improvements, a child’s college tuition, or a new car.

Real estate is also a great way to keep a hedge against inflation. While some homes do appreciate in value more quickly than others, real estate usually keeps pace with inflation. In fact, homes in general have been appreciating at a steady 3% a year. (Your REALTOR can provide you with the housing appreciation rates in the areas in which you’re interested in buying.)

That Wonderful Thing Called A Tax Break

As a homeowner, when filing your taxes you can deduct the interest portion of your monthly payment-and that can mean big savings. You can deduct your property taxes, too.

So look at what your monthly mortgage payment will actually be, taking your tax breaks into consideration. You may find out it’s about the same as-or sometimes even less-than a rent payment!

With a 5% down payment, a $100,000 30-year mortgage loan at 8% interest (8.15% APR) requires a monthly principal and interest payment of $733.76. Assuming a 28% tax bracket and $150 for monthly property taxes, the after-tax monthly payment would be about $615! (This is only an example. Please consult with a tax advisor regarding your own tax situation and current tax laws.)

Pre-Qualification vs. Pre-Approval

Pre-qualification is just a guesstimate of how much you could afford. But with a pre-approval, it’s just that: getting your mortgage approved prior to going out and looking for a new home.

Your loan officer will show you which items you should bring to apply so neither of you will need to wait for various written income, asset and liability information. So you could get a loan decision in just days. And when you apply online , you can get your approval quickly!

TESTIMONIALS

What Our Customer Says

Michael Martin
Michael Martin
2024-04-19
Ashman Mollere managed my property in Bay Saint Louis for a couple of years and they were awesome! I can't recommend them highly enough. Denise always made things super easy. The renters they found for my house were the absolute best as well. I rarely write reviews, if ever, but I thought it would be wrong if I didn't write one for these guys. If I ever need someone to manage a property for me, I will only deal with Ashman Mollere.
Brandon P Courrege
Brandon P Courrege
2024-03-22
Thank You Very Much Ashman-Mollere Realty INC For Your Amazing Service.
EB Stuff
EB Stuff
2024-01-31
We are looking for a rental ad they have extremely great to work with. It has been so stressful on my family And I but they have made it so easy and they have answered any questions we have. Thank you so much.
Ayla R
Ayla R
2023-09-20
We needed a rental immediately, but our credit wasn't perfect. Ms. Deb was so kind and helpful. She was able to work with us, and found our family the perfect place to call home. They're very professional, and prompt when returning correspondence. Thank goodness for Ashman-Moeller, I don't know what we'd have done without them!
BP
BP
2023-01-04
Thank You Very Much To All The Staff At Ashman-Mollere Realty INC. It Has Been A Joy To With You Thank You For Your Wonderful Assistance.
JTL
JTL
2022-08-12
Great agency. They are quick to cater to their residents needs and service their existing properties.

How do you see us helping you?

Get in touch with Ashman-Mollere Realty today!

Call Us at (228) 467-5454 or visit us in 418 US-90, Waveland, MS 39576

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