We’re beginners in the San Diego home buying game. Can you give us some tips on deciding how much to spend on our monthly mortgage payment?”
***ANSWER:
I want you to come up with 2 monthly payment figures.
They should include loan payment, taxes, insurance, and possible HOA fees, Mello-Roos fees, or mortgage insurance. Be sure to factor in that loan interest and San Diego County property taxes are tax deductible.
Here are the 2 figures to come up with:
1. __________ = Monthly payment you can comfortably afford.
2. __________ = Monthly payment you’d live with if you find a pricier home you’re absolutely crazy about.
Why #2? The best homes sell fast. If your dream home costs a few extra bucks, I want you to know now if you’re going to let it go, or go for it.
Then go talk with a great lender (call me at 858-457-KENT to get in touch with the GREAT lender we use) to make sure you qualify and if you like the type of loan program.
