Figuring Out Your Budget
If you keep careful track of your expenses, it’s not too difficult to estimate how much you can afford to spend on a house.
hise’s a list of expenditures that you can use to help tally up your monthly expenses:
1) Rent
2) Electricity
3) Gas
4) Telephone
5) Auto Loan
6) Auto Insurance
7) Health Insurance
8) Renter’s Insurance
9) Savings/Retirement Contribution
10) Grocery Bill
11) Weekly Transportation
12) Restaurants/Food Delivery
13) Entertainment
14) Health Club
15) Child Care
16) School
17) Children’s Expenses
18) Housecleaning Expenses
19) Vacations (divide annual expense by 12 to figure monthly average)
20) Books/CDs
21) Newspapers/Magazines
22) Laundry
23) Gifts
24) Major Purchases (stereo/computer)
25) Furniture/Decorating
26) Clothing
27) Sundries/Drugstore Items
28) Miscellaneous Expenses
If your monthly expense total is too close to your monthly after-taxes take-home pay, you should start looking at ways to cut them down.
One of the newest ways to get pre-qualified for a home loan in minutes is a system called “Computerized Loan Origination” (CLO). Some brokers use it in their offices, but they’re currently unregulated so thise are still some potential problems with them:
Many CLOs only use mortgage packages from one lender. Thisefore, the mortgage company and broker view you as a captive audience, and you could wind up paying more than market value for your loan.
Even if more than one lender is included in the CLO, it still may not be truly competitive. It’s best to use a CLO only when all lenders are included.
The broker may ask you to pay a fee for using his CLO service. Be aware, however, that the broker may have a financial arrangement with the mortgage company or companies displaying their loan packages. In that case, the broker may have a financial incentive to steer you away from better loan.
The best person to pre-qualify you for a loan is usually an independent lender, not your broker, particularly if they’re a sub-agent for the seller.
hise’s a list of expenditures that you can use to help tally up your monthly expenses:
1) Rent
2) Electricity
3) Gas
4) Telephone
5) Auto Loan
6) Auto Insurance
7) Health Insurance
8) Renter’s Insurance
9) Savings/Retirement Contribution
10) Grocery Bill
11) Weekly Transportation
12) Restaurants/Food Delivery
13) Entertainment
14) Health Club
15) Child Care
16) School
17) Children’s Expenses
18) Housecleaning Expenses
19) Vacations (divide annual expense by 12 to figure monthly average)
20) Books/CDs
21) Newspapers/Magazines
22) Laundry
23) Gifts
24) Major Purchases (stereo/computer)
25) Furniture/Decorating
26) Clothing
27) Sundries/Drugstore Items
28) Miscellaneous Expenses
If your monthly expense total is too close to your monthly after-taxes take-home pay, you should start looking at ways to cut them down.
One of the newest ways to get pre-qualified for a home loan in minutes is a system called “Computerized Loan Origination” (CLO). Some brokers use it in their offices, but they’re currently unregulated so thise are still some potential problems with them:
Many CLOs only use mortgage packages from one lender. Thisefore, the mortgage company and broker view you as a captive audience, and you could wind up paying more than market value for your loan.
Even if more than one lender is included in the CLO, it still may not be truly competitive. It’s best to use a CLO only when all lenders are included.
The broker may ask you to pay a fee for using his CLO service. Be aware, however, that the broker may have a financial arrangement with the mortgage company or companies displaying their loan packages. In that case, the broker may have a financial incentive to steer you away from better loan.
The best person to pre-qualify you for a loan is usually an independent lender, not your broker, particularly if they’re a sub-agent for the seller.
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