{"id":1966,"date":"2015-08-08T16:21:54","date_gmt":"2015-08-08T16:21:54","guid":{"rendered":"http:\/\/teammovemortgage.com\/?p=1966"},"modified":"2020-07-13T22:34:21","modified_gmt":"2020-07-13T22:34:21","slug":"home-purchase-budget-tips","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/home-purchase-budget-tips\/","title":{"rendered":"Homebuyer Series Step 3 to Homeownership:  Home Purchase Budget Tips"},"content":{"rendered":"<figure id=\"attachment_1895\" aria-describedby=\"caption-attachment-1895\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1895 size-medium\" src=\"https:\/\/teammovemortgage.com\/blog\/wp-content\/uploads\/2015\/07\/Budgeting-300x200.jpg\" alt=\"home purchase budget tips\" width=\"300\" height=\"200\" \/><figcaption id=\"caption-attachment-1895\" class=\"wp-caption-text\">Budget your income and expenses so you can buy your first home<\/figcaption><\/figure>\n<h2>Home Purchase Budget Tips<\/h2>\n<p>In the last\u00a0article (step 2), we explained lots of unique tips\u00a0to save\u00a0money for a down payment and an emergency fund.\u00a0 T<strong>oday we are providing solutions to the # 3 Roadblock mentioned for first time buyers which is NOT having a budget in place.\u00a0 <\/strong>These home purchase budget tips help to\u00a0afford the mortgage payment and upkeep which come with homeownership.<\/p>\n<p>Let&#8217;s face it, Budgeting is Tough!\u00a0 We want satisfaction from buying something now\u00a0and not when we have saved up enough money to buy it!\u00a0 To solve this common issue or habit, let&#8217;s talk\u00a0about\u00a0these\u00a0home purchase budget tips in detail.<\/p>\n<p>*\u00a0 Creating a budget that will allow for a home purchase &amp; savings<\/p>\n<p>*\u00a0 Qualify under a safe debt to income ratio for any mortgage product<\/p>\n<p>*\u00a0 Determine which type of payment\u00a0you can\u00a0afford<\/p>\n<p><strong>Tips for Creating a Budget to fit in a house payment comfortably and save money for your future:\u00a0 <\/strong>Before buying a house, investing in retirement, or other important milestones, know your numbers!\u00a0\u00a0Calculate\u00a0income, expenses, and the bottom line\u00a0as a beginning to a desired result.\u00a0\u00a0For great budgeting tips, check out\u00a0Dave Ramsey.\u00a0 He offers some great tools for budgeting.\u00a0 Some may be extreme.\u00a0 But\u00a0many\u00a0of the tips and tools are overall, great tools and tips for creating a budget and a more importantly, a\u00a0life.<\/p>\n<h2>Budget Steps to Understand Your Finances<\/h2>\n<ul>\n<li>Sign up for <a href=\"https:\/\/www.everydollar.com\/app\/#\/sign-up\/daveramsey\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>Start My Budget<\/strong> <\/span><\/a>and then fill in the blanks.\u00a0 You can also download the App after signing up<\/li>\n<li>Take control one step at a time.\u00a0 Click here for\u00a0<span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/www.daveramsey.com\/baby-steps\/\" target=\"_blank\" rel=\"noopener noreferrer\">The 7 Baby<\/a><\/strong><a href=\"http:\/\/www.daveramsey.com\/baby-steps\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Steps.<\/a><\/span>\u00a0 All of these are not required, especially paying every debt to qualify for a mortgage.\u00a0 But there are still some helpful home purchase budget tips.<\/li>\n<li>Once a budget is created, determine\u00a0where the money goes.\u00a0\u00a0To purchase a home, often there needs to be some changes to\u00a0spending habits.\u00a0\u00a0\u00a0Instead of going out to eat so often, move that money to home ownership!<\/li>\n<li>Look for creative ways to save a lot of money and a down payment fast!\u00a0 Read <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/26\/simple-tips-for-homebuyers-to-easily-save-for-a-down-payment-in-a-year\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tips to Save up to $40,000 in a year!<\/a><\/strong><\/span><\/li>\n<\/ul>\n<h2>How to Lower a Debt to Income Ratio for Mortgage Qualification<\/h2>\n<p>Mortgage loans, among other things, go by your debt ratio.\u00a0 Debt to income ratios are determined by dividing monthly debt payments\u00a0by\u00a0gross monthly income.\u00a0 The lower\u00a0the debt ratio, then the\u00a0better chance\u00a0of a loan approval.<\/p>\n<ul>\n<li>First of all, having no open accounts is a bad thing.\u00a0 Having accounts that have been open a long time with very low to no balances and a good pay activity is a very good thing.\u00a0 So keep debts down<\/li>\n<li>If you have credit cards or lines of credit, try to get them paid off or down to a low amount compared to the credit limits as this will lower the minimum payments required and will help your credit scores.\u00a0 Keep in mind that even if you pay off a balance in full, the minimum payment required will report and be counted in your debt ratio<\/li>\n<li>Do not open new loans just before or during a mortgage process as an extra $200 &#8211; $500 loan payment for example\u00a0could cause a debt ratio to be too much and\u00a0could potentially cause a denial<\/li>\n<li>The old rule of thumb was to keep your debt ratios at 28 \/ 36%.\u00a0 Your total housing payment no more than 28% of your income and total debts no more than 36% of your income.\u00a0 Almost all programs today will allow the mortgage payment to be in the 30&#8217;s or higher and the total debts to be 45% or higher with strong compensating factors.\u00a0 Again, the lower the debt ratio, the better chance you have of approval.<\/li>\n<\/ul>\n<h2>Which Payments are Considered in a Debt to Income Ratio?<\/h2>\n<p>First of all, not all bills are included in a debt ratio calculation.\u00a0 Understanding these debts helps implement these home purchase budget tips better.<\/p>\n<ul>\n<li><strong>Here are most of the items included in debt ratios:<\/strong>\u00a0 credit card payments, installment loans such as auto, personal, or others (whether on the credit report or not), mortgage payments (including principal, interest, taxes, insurances, and PMI if applicable), HOA dues, monthly payments to the IRS or State for taxes due, childcare expenses (VA loans only), maintenance\/utilities (VA only &amp; calculates this at .14 x heated square feet), wage garnishments showing on paystubs for employee loans and such.<\/li>\n<li><strong>Payments\u00a0usually not counted in a debt ratio:<\/strong>\u00a0 insurances (other than property insurances), income taxes (VA does\u00a0require lenders to factor in the residual income calculation), retirement loan payments, utilities (other than the VA calculation above), groceries and other household items.<\/li>\n<\/ul>\n<h2><strong>How\u00a0Much Payment Can I Afford?<\/strong><\/h2>\n<p>There are lots of payment options for homebuyers today.\u00a0 They include fixed payments of various terms, adjustable payments that start of lower and increase over time, and then payments that include potential extras such as taxes, insurances, and PMI or Annual Fees.<\/p>\n<ul>\n<li>Fixed rate payments are usually higher than adjustable rate products in the beginning\u00a0but give buyers more predictability and reliability.\u00a0 Most buyers, especially when rates are low, choose a fixed rate payment\u00a0to avoid\u00a0the uncertainty of a rising payment.<\/li>\n<li>Adjustable rate payments will generally start for a few years (3, 5, 7, or 10) at a lower fixed rate.\u00a0 But after the introductory period has expired, the rate and payment can fluctuate over time.\u00a0 These adjustments\u00a0do have caps (maximums)\u00a0over the remaining\u00a0years though.\u00a0 When considering an Adjustable Rate Mortgage:\n<ul>\n<li>Ensure\u00a0the\u00a0future payment increases will still be affordable<\/li>\n<li>Learn\u00a0the limits or caps\u00a0for the mortgage\u00a0and plug them into\u00a0a budget.\u00a0\u00a0Does it work with your future income?<\/li>\n<li>Don&#8217;t assume income increases will take care of higher payments.\u00a0 Instead, use\u00a0raises as an opportunity to put more money into savings<\/li>\n<\/ul>\n<\/li>\n<li>Even if property taxes and insurance are not escrowed, include these amounts in the budget.<\/li>\n<li>Taxes and insurance can change over time.\u00a0\u00a0It is best to plan these payments will increase.\u00a0\u00a0Keep in mind that even fixed interest payments will increase because of tax and insurance fluctuations!<\/li>\n<li>PMI or Annual Fees will decrease or completely drop off over time.\u00a0\u00a0As this portion of the payment decreases, add that savings to pay down the principal.\u00a0\u00a0To further implement our home purchase budget tips, read <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/05\/22\/when-does-pmi-stop-on-fha-usda-and-conventional-mortgage-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">&#8220;When Does PMI Stop on FHA, USDA, and Conventional Mortgage Loans&#8221;.<\/a>\u00a0<\/strong><\/span>\u00a0 This is an affordable way to pay off the mortgage quicker and save interest.<\/li>\n<\/ul>\n<h2><strong>Ways to Lower\u00a0a Debt Ratio Quickly for Mortgage Qualification<\/strong><\/h2>\n<p>A low debt to income ratio is a key part in mortgage qualification.\u00a0 This is why we have included this topic in our home budget purchase tips article.\u00a0 If buying a home soon, it is important to have a low debt ratio percentage.\u00a0 But be careful!\u00a0 It\u00a0is best to contact one of our loan officers to\u00a0strategize a plan for qualification.\u00a0\u00a0For some borrowers, it is\u00a0more important to have extra assets in reserve to qualify.\u00a0 Where other borrowers need\u00a0to lower the debt to income ratio to qualify.\u00a0\u00a0For each situation, it\u00a0could be different.\u00a0 So consult with a professional.\u00a0 Check out these tips to quickly lower a debt ratio.<\/p>\n<ul>\n<li>Pay down\u00a0credit card debts to a minimum which accomplishes the following.\n<ul>\n<li>Increase\u00a0credit scores.\u00a0 This is 30% of\u00a0a credit score!\u00a0 <span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/06\/11\/common-misconceptions-about-and-understanding-credit-scoring-for-mortgages\/\" target=\"_blank\" rel=\"noopener noreferrer\">Read more about scores here<\/a><\/strong><\/span><\/li>\n<li>Lowers\u00a0the minimum payment reported on credit.\u00a0 Minimum payments are\u00a0used in calculating a debt ratio<\/li>\n<li>Both of these tips will help buyers qualify for a higher purchase price if needed.\u00a0\u00a0Additionally, these may help in qualifying period.<\/li>\n<\/ul>\n<\/li>\n<li>Pay off high rate or high payment loans. \u00a0Compare\u00a0a $200 payment on a loan of $3000\u00a0and a $200 on a house payment.\u00a0\u00a0$200 on a house payment could help you qualify for $35,000 &#8211; $40,000 more approximately.\u00a0 Makes sense, doesn&#8217;t it?<\/li>\n<li>Ask for a raise at work.\u00a0 An hourly or salary raise\u00a0is counted immediately\u00a0by lenders in a debt ratio calculation.\u00a0 So Ask!<\/li>\n<\/ul>\n<h2>Learn More About Mortgage Qualifications<\/h2>\n<p>We hope that you enjoyed Week 3:\u00a0 Homebuyer Series:\u00a0 I Want to Buy a Home &#8211; In a Year or Less!\u00a0 Your Roadmap to get home &#8211; <strong>home purchase budget tips<\/strong>.\u00a0\u00a0So follow these tips to gain greater buying power and lower payments.<\/p>\n<p>[av_button_big label=&#8217;Ask our Team Move Mortgage Experts About Qualifying&#8217; description_pos=&#8217;below&#8217; link=&#8217;manually,http:\/\/teammovemortgage.com\/contact-us\/&#8217; link_target=&#8217;_blank&#8217; icon_select=&#8217;no&#8217; icon=&#8217;ue800&#8242; font=&#8217;entypo-fontello&#8217; custom_font=&#8217;#ffffff&#8217; color=&#8217;theme-color&#8217; custom_bg=&#8217;#444444&#8242; color_hover=&#8217;theme-color-subtle&#8217; custom_bg_hover=&#8217;#444444&#8242;]<br \/>\nWe can help you prepare for mortgage qualification!<br \/>\n[\/av_button_big]<\/p>\n<h4>Read the other articles in the Homebuyer Series &#8211; I want to buy a home in a year:<\/h4>\n<ul>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/25\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-your-roadmap-to-get-home\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 1: Establish Credit Worthy of Mortgage Approval for Any Type of Mortgage Loan<\/a><\/strong><\/span><\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/07\/30\/homebuyer-series-step-2-i-want-to-buy-a-home-in-a-year-or-less-your-roadmap-to-get-home\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 2: Saving for a Down Payment and Emergency Savings<\/a><\/strong><\/span>\u00a0 &#8211; Up to $40,000 in savings tips!<\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/15\/homebuyer-series-week-4-i-want-to-buy-a-home-in-a-year-or-less-best-tips-for-paying-rent-why\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 4: Best Tips for Paying Rent &amp; Why<\/a><\/strong><\/span><\/li>\n<li><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/22\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-why-using-a-good-realtor-is-so-important\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Week 5: Why Using A Good Realtor is So Important<\/strong><\/a><\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/08\/29\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-knowing-your-financing-options\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 6: Knowing Your Low to No Down Payment Options<\/a><\/strong><\/span><\/li>\n<li><span style=\"text-decoration: underline;\"><strong><a href=\"http:\/\/teammovemortgage.com\/blog\/2015\/09\/05\/homebuyer-series-i-want-to-buy-a-home-in-a-year-or-less-the-last-steps-to-be-ready-for-closing\/\" target=\"_blank\" rel=\"noopener noreferrer\">Week 7: The Last Steps to be Ready for Closing<\/a><\/strong><\/span><\/li>\n<\/ul>\n<h2><strong><em>Team Move\u00a0lends in\u00a0the following areas.<\/em><\/strong><\/h2>\n<p><strong><em>Wilmington, Leland, Hampstead, Jacksonville, Camp Lejeune, Whiteville, Shallotte, Southport, Elizabethtown, Lumberton, Fort Bragg, Pope Air Force Base, Fayetteville, Rockingham, Raleigh, Garner, Smithfield, Clayton, Goldsboro, Charlotte, Greensboro, Winston-Salem, Durham, Chapel Hill, Burgaw, Castle Hayne, Holden Beach, Supply, Ocean Isle Beach, Sunset Beach, Hubert, Tabor City, Carolina Beach, Kure Beach, Laurinburg, Topsail Beach, North Topsail Beach, Surf City, Sneads Ferry, Richlands, Wrightsville Beach, New Bern, Oak Island, Saint James, Wallace, Sanford, Pittsboro, Apex, Cary, Raleigh, Holly Springs, Fuquay Varina, Siler City, Southern Pines, Aberdeen, Pinehurst, Whispering Pines, Vass, Spring Lake, Fayetteville, Lillington, Hope Mills, Dunn, Angier, Smithfield, as well as the rest of NC.\u00a0 North Myrtle Beach, Myrtle Beach, Conway, Loris, Little River, Longs, as well as the rest of South Carolina and Virginia.<\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home Purchase Budget Tips In the last\u00a0article (step 2), we explained lots of unique tips\u00a0to save\u00a0money for a down payment and an emergency fund.\u00a0 Today we are providing solutions to the # 3 Roadblock mentioned for first time buyers which is NOT having a budget in place.\u00a0 These home purchase budget tips help to\u00a0afford the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,33,40],"tags":[454,93,26,9,10,12,13,98,16,310,18,311,102,20,46,49,21,139],"class_list":["post-1966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1st-time-buyers","category-frequently-asked-questions","category-tips","tag-budget","tag-debt-ratio","tag-fha-guidelines","tag-first-time-buyers","tag-homebuyers","tag-lumberton-board-of-realtors","tag-mortgage-faqs","tag-nc-purchase-contract","tag-north-carolina","tag-pinehurst-southern-pines-association-of-realtors","tag-realtors","tag-sanford-area-association-of-realtors","tag-south-carolina","tag-team-move","tag-usda-rural-development-guidelines","tag-va-requirements","tag-wrar","tag-wrightsville-beach-nc"],"acf":[],"yoast_head":"<!-- This site is optimized with the 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