Project #1: Install Rigid Flower Bed Edging The setup:?A crisp edge where the?lawn?meets the flower beds looks great and eases mowing. Opt for rigid edging ? the flexible plastic stuff looks amateurish from day one. Use a charged garden hose to lay out a smooth curve. Tip:?A ?charged? garden hose full of water makes for […]
Friday All Day:?Georgia State Adult League Championship Tennis Tournament |?Newman Tennis Center 6pm: Evans Towne Market Weekly Wine Tasting | Location: Evans Towne Market 6:30pm:?Brown vs. Board of Education Commemoration |?Lucy Craft Laney Museum of Black History?-?Augusta 7pm:?Nathan Storey live | M.A.D. Studios Augusta 7pm:?Somewhere In Augusta: Storm Branch Band 7:05pm:?Baseball: Savannah Sand Gnats vs. […]
Reblogged from Cambridge KW Real Estate Blog: So you're all excited and you're starting your search for that first dream home. Before you embark on the home buyer's wheel and discover all the stress that can build up in that query take a deep breath and consider these useful tips: Down-payment~You most likely have accumulated […]
Reblogged from Steve Schultz - REALTOR: Historically, the average rental price has increased over time -- a trend likely to continue going into the future. A fixed rate mortgage allows you to "lock in" a certain monthly cost for a specified period of time. If your situation allows you to buy, now is a good […]
2 story all brick custom home with many, many extras. 5 bedrooms and 4 full baths, bedroom downstairs is currently being used as an office and 5th bedroom is used as a bonus/play room. Multiple heating and cooling systems, 2 water heaters for each side of home, more storage than you could ever use, even […]
How Much Do I Qualify For?
When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.
When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.
Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.
When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.
When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.
Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.
Information Deemed Reliable But Not Guaranteed. -:- Greater Augusta Association of REALTORS® -:-
Greater Augusta Association of REALTORS® - Georgia Last Updated: 5/20/2013 10:29:33 AM
Each office Independently owned and operated -:- Better Homes and Gardens Real Estate Executive Partners
4210 Columbia Road, Building 8 -:- Augusta GA 30907 -:- (706) 364-7653
4210 COLUMBIA RD, STE 8
Martinez GA 30907
(706) 364-7653
