Home Buying Tips: How Much House Can I Afford in Phoenix?? Phoenix Real Estate Advice

Are you moving to Phoenix and wondering: How much house can I afford in Phoenix?? In this video, I go over home buying tips on how much house you can afford in Phoenix Arizona. Moving to Phoenix can be an excellent choice for many people who want to get more bang for their buck than say in Los Angeles California. For more home buying tips and Phoenix real estate advice, check out my channel!

Congratulations on making the decision to buy a house that’s exciting but how much should you spend so buying a house is exciting but it’s also emotional and sometimes emotional decisions lead to bad decisions when you’re buying a house you’re committing to a monthly housing payment and the very first thing you should do before you spend any more time looking at

Houses online is to determine a price range you’d be comfortable with oh hi i’m ryan ager with the ryan acre group and stunning homes realty and on this episode of the right side we’re going to walk you through how to determine a monthly payment you’ll be comfortable with and stay within your comfort zone so the first place we need to start is by breaking down every

Cost associated with home ownership on a monthly basis my advice is to work the numbers backwards and come up with a monthly payment you are comfortable with and then back into a purchase price that reflects that so the largest monthly housing payment you’ll have is the one you make to the bank if you are obtaining a loan you’ll have a monthly mortgage payment

That consists of both principal and interest this will be a fixed amount based on the loan amount you have taken out a portion of it gets applied to your interest and a portion of it goes towards paying your principal down each month the next monthly expense of home ownership is going to be your property taxes so you’ll take your annual property tax bill and divide

It by 12 months in the year that will be the amount that you pay each month in addition to your mortgage if you have put down less than 20% if you put down more than 20% you may elect to pay your tax bill on your own by annually for budget reasons though my advice is to make it part of your monthly payment just keep it simple the next expense you may have would be

Your monthly homeowners association dues but this is only an expense if your property has an hoa attached to it hoa dues are used to pay common area expenses such as landscaping pools insurance etc and what we see in all townhouses and condos elements now the last expense you may also occur is what we refer to as pmi or known as private mortgage insurance pmi is a

Monthly insurance charge in addition to your mortgage payment that is applied when you put down less than 20% or have less than 20% equity on your property so those were the four expenses that you have when it comes to home ownership on a monthly basis now once we have an ideal monthly figure you feel comfortable with then we can back into a purchase price that

Would match your payment so what that means is actually talking to a lender telling them hey this is what i would feel comfortable as a monthly payment now what does that look like if i have this much down payment equate to as far as a purchase price so most people anticipate they look at purchase price first without having any idea of what your monthly payment

Is that is the thing that you’re living in your monthly payment is a fixed cost varies very slightly so that is the one reason that we always tell people to focus on your monthly payment first and foremost i hope this video helped you determine how to come up with a search price that would match your ideal monthly payment if you want more information on how we

Determine what would be a good comfortable monthly payment and just some additional help figuring out you know what properties would even be out there for your type of monthly payment please let us know drop us your information and the link below or shoot us a message we’d be happy to help thanks for watching another episode of the right side i’m ryan ager i’ll see you later you

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Home Buying Tips: How Much House Can I Afford in Phoenix?? Phoenix Real Estate Advice By The Ryan Nager Group