Financing Your Home Purchase

Understanding mortgages, interest rates and how much house you can afford to buy.

Buying a home, whether it be a condo in Coronado or house in San Diego, usually means getting obtaining a mortgage loan unless you are downsizing your home or have equity for the full purchase amount. It’s important to figure out how much you can afford to spend on home ownership before you begin shopping so you can set realistic expectations and don't waste time looking at homes that aren't in your budget. It's also important to plan ahead for typical expenses related to buying a home such as utilities, property taxes, strata fees, home maintenance and renovations if required.

Gerri-Lynn Fives recommends home buyers to get pre-approved for financing by a mortgage professional at the beginning of the home buying process. My partnership with local mortgage brokers and finacial institutions in Coronado and the San Diego area ensures that you get the best rates available and will allow you to negotiate with the power of a serious cash buyer.

If you have any questions regarding financing your home purchase or to request a list of recommended mortgage professionals, please contact Gerri-Lynn or fill out the Home Buyer Concierge checklist to get started.

How Much Can You Afford?

The mortgage payment calculator below can help you get started in estimating what your monthly mortgage payments might be and how much you can afford to purchase a new home for. The maximum home price that you can afford depends on a number of factors including your household gross monthly income, your down payment and the mortgage interest rate. In addition to those factors, your monthly mortgage payment amount will also be affected by the total amortization period (or mortgage term) in years and the frequency of payment schedule (or payment interval) such as monthly, semi-monthly, or bi-weekly payments.