Question about New Home Loan in Toledo Ohio

New Home Loan in Toledo Ohio. We received a question about new home loans from a reader and will answer his questions in our next post about new home loans. The simple question they have is how much can they afford to pay for a home given their down payment and their current income. This is a common question that almost every home owner has when they go to purchase a home. It is one of the main factors that helps them decide which home to make an offer on. If the price range of the home is out of their ability to afford, then there is no sense in making an offer on it.

Question to Debt Counselor about New Home Loans::

We are planning to buy a new home and are wondering if we can afford to purchase a home. My wife and I  have about $15,000 saved up and want to buy a home that is currently listed for $140,000. We are hoping to get it for less than that, but our real estate agent told us to go for the full amount in case this one slipped away on us and we had to look at another home. Do yo think we can afford this. We both work and are not planning to start a family for a few years. We are also concerned that we may not have saved enough for a down payment on a house of this cost.

Do you currently have a mortgage? :: No, we do have a car loan and several credit cards which are fully paid up. We rent an apartment at the present time and would like to buy our own place.

Home/Mortgage Loan Amount :: $125,000

Other Loans, Including Credit Cards:: Car loan, 2 credit cards with max balance of $3000 each

Are you employed and for how long:: Yes, both my wife and I are. I work in a factory and she works for a local store here in Toledo. We have both been in our jobs for the past 2 years.

Your credit rating to be – excellent, fair, or bad? :: Pretty good I think

Gross Amount Per Paycheck :: about $3000 together

Do you agree to have this information published online, without your PRIVATE information of course? :: Yes

Extra information here please (some detail):: We have on car loan which we have to pay on for another two years and then it is fully paid. We pay $175 a month for the car loan. We each have a credit card, which we pay off every month so that we do not run a balance on them. The interest rates are so high.

Our jobs are pretty solid unlike many others in the state. We have been working for the past two years with no down time which is much better than many other people. We do not want to go into too much debt and we do not want to be house poor. Do you think we can afford to buy this house now? We are really looking forward to owning our own place!

 

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment. Leave as much detail about your situation as you can. We will try to answer your question in our next post. For more information about finding mortgages, click here.

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