COURSE INDEXPreliminary Questions
Home Buying Start & Registration
Budgeting To Buy a Home
Find Your First House
Inspect Before You Buy
Shop For a Mortgage Loan
Home Mortgage Loan Process
Credit Score and Credit Report
Home Mortgage Loan Closing
Being a Home Owner
Mortgage Quote Request
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Murray Net Income: $3,138.78
(Less) Expenses: 2,825.00
Net Savings: $ 313.78
Sam and Janet have $300 per month they can save for a downpayment and closing costs. They have a balance of $1500 in their Bridal Registry Account. At a savings rate of $300 per month, they could add $3600 to their account giving them a total of $5100 in a year.
Their credit cards will be paid off in seven (7) months at the rate of $300 per month, which would give them an additional $300 per month for savings.
Samís college loan will take approximately eight (8) years to
pay off at the rate of $150 per month. Sam and Janet both agreed that they should
leave the college loan payment at the $150 and let it pay itself off at that
normal time, because the interest rate on that loan was lower than they could
earn on their money in a savings account. After taking a look at their budget,
goals, and priorities, it became clear they could negotiate some of their goals
and both be happy with them. They divided their goals into short-range and long-range
Their long-range goals:
By evaluating their income and expenses, they knew they could afford to buy their own home as long as the price was within their housing budget amount. They knew that by following their budget and meeting their goals, they could afford the down payment and closing costs for the purchase of a home.
They knew that by following their budget they could buy a home very soon.
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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner
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