- How Does a Mortgage Work?
Mortgage Basics
Definition: A mortgage is a loan agreement where a lender provides funds to a borrower for purchasing a property, using the property as collateral.
Components:
Interest Rate: Cost of borrowing expre…
Topic: Buying A House | Read more
- Homebuying Checklist
Determine Your Budget
Aim for a mortgage 2-3 times your household income.
Factor in costs like closing fees, insurance, taxes, and repairs.
Example: A $90,000 annual income suggests a $180,000-$270,000 mortgage…
Topic: Buying A House | Read more
- How Much Can I Borrow for a Mortgage?
Key Factors in Determining Your Borrowing Power
Focus on Affordability
Lenders may approve you for more than you can comfortably afford.
Use the 28% rule: mortgage payments shouldn't exceed 28% of your pre-tax inco…
Topic: Buying A House | Read more
- 3/20/30/40 Rule for Buying a House
The Rule Breakdown
3: Total House Cost 3x Annual Income
- The total cost of your house should not exceed three times your annual income.
- Example: If your annual income is10 lakh, your house should cost no more…
Topic: Buying A House | Read more
- Selling Your Home Without an Agent
Eliminating a real estate agent can save significant commissions but requires effort, patience, and attention to detail. Here are five essential tips to guide your For Sale by Owner (FSBO) journey:
1. Set a Realistic…
Topic: Buying A House | Read more
- How to Help You Sell Your Own Home (For Sale by Owner)
Selling your home without an agent can save thousands, but it requires effort, time, and preparation. Here are key tips to increase your chances of success:
1. Be Ready for the Challenge
Make sure you have enough t…
Topic: Buying A House | Read more
