How much can you afford?                                                                                   

Deciding how much house you can afford is a personal decision. Many factors come into play. How much can I borrow?  How much can I put toward my down payment?  What size monthly payment can I afford? 

 

There are no black and white answers to these questions.  Its a matter of give and take.  If you plan on a 30 year mortgage, you can probably make a lower down payment (or perhaps no down payment at all) and still manage the monthly payments.  If, on the other hand, you plan on a 15 year mortgage, you will probably want to make a larger down payment to keep your monthly payments in line with what you can afford. 

 

How large of a down payment can I make?

Many buyers look at their cash on hand as their only source for their down payment.  This simply is not the case.  One way to fund or partially fund a down payment is by using a gift.   Parents, grandparents and other family members are often eager to help by making a cash gift toward the purchase of your home. 

 

There are also down payment assistance charities that can help you.  And, of course, if you are selling a home, the equity you have built up can be applied to your down payment.

 

But these are not your only options.  We can help you explore all your down payment options, including low down payment and 100% mortgage financing options that might be available to you. 

 

What size monthly payment can I afford?

When determining what size monthly payment you can afford, you will want to consider what other monthly expenses you have.   Tangible expenses such as car payments, day care and utility bills, all play a role in how large a monthly payment you can afford. 

 

There are also the intangible expenses or lifestyle expenses that you will want to consider.  Things such as dining out, travel and when you buy your next car can effect how much you can afford.  Are you willing to curtail or delay some of these expenses in order to afford a larger monthly payment? 

 

How much can I borrow?

This is a question you will want to get answered before you begin your home search.   This is something that we are here to help you with.  Our mortgage calculators will help you see how your down payment, monthly payment and the amount you borrow are all interrelated. 

 

We can answer questions you may have about the mortgage process.  But the best way we can help is by getting you pre-qualified for a mortgage loan.  To get started, simply complete the form below to let us know a good time to contact you.  We look forward to helping you buy your dream home.

Basic Pre-Approval

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We are proud to announce that we made the Business Courier 2008 Book of Lists as one of the Largest Tri-State Residential Mortgage Lenders

 

 

Franklin Financial Group, Inc is a proud member of the TotalChoice Network, LLC. The TotalChoice Network  provides individual consumers with multiple resources to choose from to help them achieve their financial goals. Companies and HR departments are able to utilize the tools necessary to meet daily business needs and answer employee questions all in one place.

With today’s difficult economy what could be easier than having one place to obtain trusted advice to help you create the right financial blue print. TotalChoice Network puts these tools right at the consumers’ fingertips. From new college graduates to those entering retirement, our network of professionals will offer individuals and families a wealth of products and services to meet all of their needs and help answer all of their financial questions.

TotalChoice Network

Franklin Financial Group, Inc is proud to partner with Majestic Security, LLC to offer IDENTITY THEFT PROTECTION AND RESTORATION. Identity theft has become the number one white-collar crime in America. At the rate this crime is growing, it is not a matter of "IF" you will become a victim, but rather "WHEN" you will become a victim. Every American needs to be protected! To learn more about how to protect you and your family, please click on the link below. Contact Franklin Financial Group, Inc for special pricing options available.

   
      

 

Franklin Financial Group, Inc. is a strong supporter of the Cystic Fibrosis Foundation.  To learn more or to make a donation, please click on the link above.  

 

                                               

 


                                      

Franklin Financial Group is Licensed and Regulated by the State of Ohio, Department of Commerce, Division of Financial Institutions, Certificate No: MB.802894.000;  the State of Florida, Office of Financial Regulation, Audit No: MBB 0701709; the Commonwealth of Kentucky, Office of Financial Institutions, File No: 20297. NMLS # 1194

 

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