Elena Pak - Real Estate Services

How much you can borrow (and how much you are willing to spend) should determine your price range when buying a house 🏡

TALK TO LENDERS.

Even if you think you can afford a home that costs $550,000, a lender who factors in your other debts, monthly income, work field, and employment history may think you can afford only a $450,000 home. The amount that a responsible lender offers might force you to adjust your home search or even hold off on buying until you’re in a better financial position. If you stress your budget too much, you’ll end up “house poor”—a.k.a. a homeowner without money to pay for repairs or do things like travel and maintain a social life.

Get in touch with me if you need a real estate advice

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𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
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A nonqualified mortgage is an easier option in some circumstances when QM can not be obtained. This may be the case for the following types of borrowers:

The self-employed
Business owners
Those with high levels of debt
Those with low credit scores
Real estate investors
Freelance or gig-economy workers with varying incomes

Non-QM loans are more expensive than traditional mortgages, both up front and in the long term. You'll likely pay higher closing costs due to the increased cost of points and fees that often come with a non-QM mortgage, and you'll probably have a significantly higher rate than you'd get with a traditional mortgage.

Please keep it in mind when discussing your options with a mortgage broker. I can put you in touch with the right people.

𝙀𝙡𝙚𝙣𝙖 𝙋𝙖𝙠
𝙚𝙓𝙥 𝙍𝙚𝙖𝙡𝙩𝙮
📧𝙧𝙚𝙖𝙡𝙩𝙤𝙧.𝙚𝙡𝙚𝙣𝙖𝙥𝙖𝙠@𝙜𝙢𝙖𝙞𝙡.𝙘𝙤𝙢

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