Get a Mortgage in Salt Lake
The 'right time' to buy a home is different for everyone, but budget is often a leading influence. At PrimeLending, we are experts in helping you find the right mortgage to fit your own personal budget. We have tools and lending professionals dedicated to leading you through the process to make sure you can make the best decisions for your future.
Can You Qualify for a Mortgage?
The first question we can help you answer is if you qualify for a mortgage. One of the key factors in determining this is your debt-to-income ratio. For example, if a loan program uses a 28/36 qualifying ratio, this means you are allowed to spend no more than 28% of your gross (pre-tax) income on monthly mortgage payments and no more than 36% on total debt. Total debt includes car and school loans, credit cards, child support and alimony. So, if you earn $60,000 per year, your monthly gross income is $5,000. Under the 28/36 guidelines, your maximum monthly mortgage payment should not exceed $1,400 while your total monthly debt should not exceed $1,800.
How Much Home Can You Afford?
Next, you’ll need to calculate how much you can afford. For example, how much of a down payment are you prepared to make? Commonly paid in cash, the down payment is based on a percentage of the home’s selling price and is due at closing. Making a down payment of 20% or more can save you money and enable you to avoid the cost of mortgage insurance. If you are unable to make a 20% down payment, many other affordable mortgage programs exist.
Blog Archive2017-03-03 13:33:48
Utah Second For First Time Home Buyers
Why New Home Prices Are Going Up In Salt Lake
Berna Sloan & Tooele Real Estate
Tooele Real Estate From Berna Sloan
What's Up With Mortgage Rates In SLC Utah
Buying & Selling Homes in Tooele County
More Tooele Real Estate News From Berna
About Real Estate in Tooele Last Week
About Home Mortgages in Salt Lake
5 Things To Consider When Pricing Your Salt Lake H
Tips About Tooele Real Estate & Finding Homes
3 Common Home Buying Myths In Salt Lake
Buying a Condominium in Salt Lake?
Need Help Finding Riverton Utah Homes For Sale
New Homes in Stansbury Park UT From $250,000
Find a Riverton UT Home w/2 Kitchens
Home in Herriman UT w/ Inlaw Apartment
Herriman UT Homes For Sale on Cul de Sac
Homes For Sale in Herriman Utah $290,000
February List Of Salt Lake Foreclosures
South Jordan UT Homes Listed From $325,000
South Jordan New Homes Being Built
Find New Homes To Buy in Herriman UT
What Suits You Condo or Salt Lake Townhome
Foreclosures Are Down In Salt Lake
Click here to see ALL articles.