Information on Pre-qualifying for Las Vegas Retirement Community Homes
If you are trying to figure out what kind of a mortgage you can qualify for while searching for home in a Las Vegas 55 plus community, there are a few details to consider that will be looked at by a lending institution.
The first detail: Gross Income. Lending institutions assume that approximately 28% of your gross monthly income goes towards housing expenses including taxes on your home and insurance (PITI). Remember, your other outstanding debt should not exceed more than 36% of your gross monthly income. This debt might include items like house loans, credit cards, student loans and car loans.
Here's how to calculate the type of loan you can safely qualify for: First, multiply your gross monthly income on your pay stubs by 28%. For example, your pay stub says your gross monthly income is $20,000. You then multiply that by .28 and get roughly $5600. Therefore you can afford Las Vegas mortgages that total up to $5600 from the lender's point of view.
It can be a difficult task to calculate the total purchase price on a home because there are many factors involved. These factors may include fluctuating interest rates, bank fees and of course you're down payment. It is crucial to contact a lending institution for a pre-qualification letter in order to get a good idea of the maximum home price you can afford.
Believe it or not, having a mortgage could be beneficial. Mortgage interest, property taxes and loan fees could be tax deductible. For more information on this subject you should contact a tax expert who can give you more details.
We highly encourage our clients to get pre-approved for a mortgage when looking to purchase a home in a Las Vegas retirement community prior to searching. Doing this strengthens your buying position unless you are making a cash purchase. Here at King Realty Group we work diligently to find you your perfect home, so make sure that when we do find that home you are in the best position possible to continue with the buying process.
Contact us today for more information. Our team of real estate professionals is ready to help answer any questions you may have.
Because King Realty Group is extremely knowledgeable and experienced; we have resources that give you access to the most competitive Las Vegas mortgages available in the market. Contact our office today for more information.