- Check the selling prices of comparable homes in your area. It can give you a general idea of what you should expect to pay. Or you can utilize FLEX MLS in Arizona to use a tool to find homes that meet your criteria.
- See what you can afford. Speak to your lender to see “What you would Qualify for based on your income and any other factors?”
- Find out what your total monthly housing cost would be, including taxes and homeowners insurance. To get a feel for the maximum amount you should spend, including taxes and insurance. You’ll pay for your taxes, and insurance escrow can almost double your mortgage payment in some areas. **To get an idea of what you’ll pay in insurance, pick a property in the place where you want to live and make a call to a local insurance agent for an estimate.
- Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes, and prepaid items such as homeowners insurance or homeowners association fees.
- Look at your budget and determine how a house fits into it. We recommend that buyers spend no more than 28% of their income on housing costs. Go much past 30%, and you risk becoming house poor.
- Give us a call to see what the market is doing!
