Gateway Funding Diversified Mortgage Services, LP Finding a Home that You Can Afford to Buy

Oct. 1, 2010 - PRLog -- Horsham, PA ,  September 30, 2010 - At a time, when interest rates are at an all time low, buying their dream house does seem to be a probable dream for many. But before you go ahead and decide to commit yourself on such a huge investment, it is important that you calculate the financial impact of your decision explains a Gateway Funding ( http://gateway-funding.net ) Diversified Mortgage Services, LP associate.  For example the monthly payment that you would need to make is an important consideration. The monthly payment in turn depends on factors like your monthly income, your monthly expenses and also your credit score. In short the monthly expenses when deducted from the monthly income should determine the amount that you can afford to spend on the mortgage.

Your income plus the income of your spouse or co borrower, tips, incentives, bonuses, commissions would form a part of the monthly income. You can also add future increase of income if any explains a Gateway Funding ( http://gateway-funding.net ) Diversified Mortgage Services, LP loan officer.

When it comes to expenses, the utilities bill, insurance payment, medical expenses, taxes, miscellaneous expenses like entertainment, purchases etc. can be added to the expenses category.

If you have savings, these can greatly help you to cover the down payment and closing costs for your house. A financial advisor is the best guide to help you sort out the monthly payment that you can afford Vis-a Vis the monthly expenses, monthly income and the savings.

The credit score is also an important consideration. Banks usually prefer a high credit rating .The interest rate too depends on the credit score and credit rating. Banks also prefer to lend to those who have a low debt to income ratio. A credit counselor should help you understand the credit rating.

When it comes to advice on mortgage payments, there aren’t too many to help. Gateway Funding Diversified Mortgage Services, LP, are the people to look for help on issues related to mortgage payments.

For great tips on mortgage payments and other related tips, visit, http://gateway-funding.net/

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When it comes to advice on mortgage payments, there aren’t too many to help. Gateway Funding Diversified Mortgage Services, LP, are the people to look for help on issues related to mortgage payments. For great tips on mortgage payments and other related tips, visit, http://gateway-funding.net/