I truly love my neighborhood. Located on the border of Center City and South Philadelphia, it's close to many restaurants, bars (L'Etage anyone?), my gym and two grocery stores. Lots of convenience while retaining its friendly, residential feel. I can certainly see myself happily living here for several more years.
I currently rent my apartment and I've started wondering if I can afford to buy a house in my neighborhood? If not, can I even afford to buy a house in a less expensive neighborhood? Can I even afford to buy a house at all? Or since I'm sharing my thoughts with you and perhaps you're curious... what can you afford?
A simple internet search using the the words mortgage calculator or pre-qualification calculator can provide you with a basic idea of how much you can afford. However, in order to get a real sense of how much house you can afford it's best to contact a trusted mortgage representative. The mortgage rep will be able to guide through the ins and outs of the mortgage pre-qualification process. I went to www.lindafloans.com to start the pre-qualification process. Linda Feriod is a mortgage rep at First American Mortgage and someone my dad (also a real estate agent and has been for 15+ years) works with frequently in getting his clients pre-qualified for a mortgage.
Before you begin the pre-qualification process be sure to have the following financial information available:
Past employer information
Monthly income- including salary, commission and bonuses
Assets- names of financial institutions and account numbers
Other assets- vested interest in retirement fund, businesses owned and car
Once you've completed the pre-qualification process, the mortgage company will provide you with the necessary documentation with the price range you can afford to give to your realtor. You'll be one step closer to buying a place!
Photo credit: kellygrape
