It’s important to prepare yourself for a complete financial overview when applying for KC home loans. Getting your financial house in order is a key part in preparing to get KC home loans. The best way to do this is to put together a homeownership budget.
A homeownership budget is a mock-up budget that allows you to see if you can afford the increased expenses of purchasing and owning a home. This step will show you where you are spending your money and changes you can make to improve your situation, if necessary. Be sure to include all of the income you make each month and every expense that you incur to ensure your KC home loan budget is accurate.
Once you know your expenses outside of your current residence, you will need to make room in your budget for your mortgage payment. However, don’t make the mistake of believing mortgage payments are the only cost of owning a home. Added monthly and yearly costs can include:
Some expenses are not monthly and will likely occur throughout the year. It’s a good idea to budget a set amount for each additional bill so you have the extra money available. These items should play a role in your homeownership budget and will affect which KC home loans you qualify for.
In addition to making a budget, you can also use an affordability calculator to estimate how much home you can afford. For a more exact number, get pre-approved for a home loan by a trustworthy loan officer before you start house hunting.
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
