How Much Home Can I Afford?

November 2016

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The #1 First Time Home Buyer Question Is “How Much Home Can I Afford?”

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[Access to our True Affordability Calculator at the end of post] If you’re puzzled about the whole “how much home can I afford?” question, you’ve actually stumbled on what seems to be an elusive topic.

Get A Rate did a study asking over 300 몭rst time homebuyers and the statistics were mind boggling:

1st Time Homebuyer Statistics 38% Have no 몭nancial plan 79% Have no 몭nancial advisor to turn to about how much home they can afford 43% Have spoken to no one about their 몭nances (not even family or friends) 100% Don’t have or can’t 몭nd a calculator to determine how much home to buy vs. can buy Based on our research, most 1st time homebuyer applicants give up on their quest to purchase a home because they don’t have the 몭nancial con몭dence to move forward.

First time homebuyers also don’t trust the lending institutions to provide them with true unbiased advice and for good reasons.

Until now.

Introducing Our True Affordability Calculator Our clients’ necessity became a reality when Get A Rate designed the Nation’s 1st and Only True Affordability Calculator that helps show 1st Time Homebuyers how much home to buy vs. can buy.

Our goal to empower clients in making the right decision when buying a home was fueled by our belief that pride of homeownership should never be at the cost of sacri몭cing happiness.

What Can Our True Affordability Calculator Do? Our Affordability Calculator will detail monthly: Personal Lifestyle Expenses Income Tax Liabilities Savings Monthly Mortgage Payments including taxes, insurance and more It even shows a Conservative, Moderate or Aggressive approach with corresponding home purchase price options.

Why Is This So Important?

Other home loan lenders don’t offer this tool or service because they wouldn’t want to stop you from buying a bigger home. Purchasing a larger home means borrowing a higher home loan amount, which means more commission.

What’s unfortunate is that other home loan lenders still follow the outdated, proven-to-fail approach of commissionbased employee compensation. Our goal at Get A Rate is not only to protect and educate but empower clients to make the right decision in buying a home. So take 5 mins to use and complete the calculator, and join us in the movement of a new era of lending.

Learn more about what lenders look at to 몭nd out what you can afford (like debt to income or DTI ratio), go to our what can I afford page.

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