The Property Emporium's National Relocation Service

                                         The Buyers Guide To Real Estate                                                               Planning                      

                                                       By Robert A Reynolds                                                           What formulas do lenders use to determine what monthly payment                  they will approve for me ? 

Generally, lenders figure that the home buyer should not pay more than than 41% of their gross monthly income for monthly shelter expense and monthly debts combined. Monthly shelter expense consists of P.I.T.I., utilities, and upkeep on the home. Monthly debts include alimony/child support, and payments lasting generally more than six months. For more specific figures ask your PROPERTY EMPORIUM  NATIONAL RELOCATION SERVICE REALTOR to help prepare a housing budget for you.

• I think I want to buy a home-how do I start?

• How do I determine how much I can afford?

• How do I know how much monthly payment I can afford?

• How much down payment do I need?

• What sources can I use for my down payment?

• What formulas do most lenders use to determine what monthly payment they will approve?

• How do I go about choosing an area and and a specific home?

• How do I choose a neighborhood?

• Should I look at existing homes or new construction?

• I'll only be in the area six months-should I buy or rent?

• How long do I need to be in the area to make buying a good decision?

• Is it really a good idea to buy instead of rent?

• When is the best time of the year to buy?

• How do the up front costs of buying and renting compare?

• What are the advantages of buying a home?

• How much appreciation can I expect?

• What does Homeowners insurance cover? 

                                                     Choosing A Home 

                                                           The Offer

                                                    Money & Financing