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AFCU offers free mortgage planning tools including mortgage payment calculators, refinancing, mortgage insurance, and general home loan education. America First Credit Union services Salt Lake City, the greater Utah region, and parts of Nevada. Use our online mortgage calculators and apply today!
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Buying too much house can quickly turn your home into a liability instead of an asset. That’s why it’s important to know what you can afford before you ever start looking at homes with your real estate agent. We recommend keeping your mortgage payment to 25% or less of your monthly take-home pay.
How Much House Can I Afford? When determining what home price you can afford, a guideline that’s useful to follow is the 36% rule. Your total monthly debt payments (student loans, credit card, car note and more), as well as your projected mortgage, homeowners insurance and property taxes, should never add up to more than 36% of your gross income (i.e. your pre-tax income).
If you earn $56,516, the average household income, you can afford $1,695 in total monthly payments, according to the 36% rule. The rule, which measures your debt relative to your income, is used by lenders to evaluate how much you can afford.
Looking To Purchase A Home Once you have a few homes on your list that are strong contenders, make appointments to give them a second look at a different time of day. This will give you a fuller picture of what the light is like in the home.Best Mortgage Option For First Time Buyer Here are some of the best loans available for First time home buyers: homeready Mortgages by Fannie Mae – "These are amazing for first-time homebuyers with good credit scores," says Anthony VanDyke, President of ALV Mortgage in Salt Lake City. "They only require a 3% down payment (cheaper than FHA) and they have discounted mortgage.
Get a more accurate estimate. Get pre-qualified by a local lender to see an even more accurate estimate of your monthly mortgage payment. You’ll also be ready to act fast when you find the perfect.
Uncover how much house you can really afford with our handy mortgage calculator Use our home affordability calculator to figure out how much you may be able to afford for a new home.
Utah home prices are on the rise. According to Zillow, the median home value in Utah is $233,200 and Utah home values have risen 7.4% over the past year. The home price increase is expected to continue, so if you’re thinking of buying a home in Utah, chances are good that you’ll get a return on your investment,
