Calculating how much house you can afford can be difficult. You have to take your budget into account and keep up on changes in the housing market. That’s particularly tricky these days with rising interest rates and mortgage payment. Quickly changing affordability conditions mean potential buyers have to regularly recalculate costs. Especially when one calculates which available homes are a good financial fit.
Mortgage Payment Increases
Fortunately, the Mortgage Bankers Association keeps a monthly measure of typical mortgage payment based on loan application data. In April, the data shows payments rose $153 from March, due mostly to higher mortgage rates. The median payment applied for by April applicants was $1,889, with FHA loan applicants seeing the most affordable payments at $1,374. Edward Seiler, MBA’s associate vice president of housing economics, says affordability conditions have become more challenging since the start of the year. However, he noted that “… prospective home buyers should start to see moderation from the double-digit price appreciation reported for well over a year in most of the country.” Click on the link for more information.
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your needs. So come get pre-approved and start shopping for your dream home by clicking here!