Think about your salary before buying a home in Richboro PA. Otherwise you might mis-figure the mortgage loan amount you need.
Lenders typically recommend earmarking 28% of your net income for your mortgage, For example, if your monthly income after taxes is $4000, the maximum monthly mortgage payment should be $1120. However, the amount you can actually afford might be different, depending on several factors.
Do You Carry Student Loans?
Many potential homeowners pay several hundred dollars in monthly student loan payments. If you’re one of them, think about adjusting your mortgage payment down below 28% to protect your budget.
Are You Paying Off Credit Card Debt?
Opt for a lower down payment if you’re saddled with credit card debt. If you’re debt-free, you have room to handle a larger mortgage payment with ease.
Do You Have Dependents?
Children are expensive. If you’re raising kids, or financially responsible for other family members, try your best to make a smaller percentage of your net income work for your monthly payment.
Are You Saving for Retirement?
A hefty start on retirement frees you up to pay the maximum 28% for your mortgage payment. If you’re trying to find the money to save, or if you haven’t started yet, adjust your plans lower and use the extra money toward 401ks or IRAs.
What About Expensive Hobbies?
If you love boating, traveling, skiing, or other expensive hobbies, don’t become “house poor”. Leave room in your budget to participate in activities you enjoy, even if this means a smaller home to achieve a more manageable payment.
Living in Richboro PA as a homeowner means carefully weighing the mortgage payment you can handle. Review these points closely, and make the best decision for your budget.
Jorge Figueroa
Federated Lending Is Fantastic and Honest
This was such an easy transaction. What is probably the most stressful thing to do Andy and his Team made this absolutely seamless. Everything was done perfectly and right on time. Zero issues at the closing table and it all went exactly as it was explained. I was prepared for so many things to be a push up and there was none of it. NONE! I cannot say enough ...
Patrick Mallon
Federated Lending has great customer…
Federated Lending has great customer service, a very knowledgeable staff, and made re-financing an effortless experience.
Jacob Desperak
Wonderful and easy experience!
My wife and I had a very good experience with Fedlend thanks to Andy and Kathy. We couldn’t be more thankful for all the help and guidance we received along the way. Would definitely recommend to all home buyers, as we will use Fedlend for our next purchase or refinance.
Megan Detwiler
We were happy with our experience. Initially there was a step missed that caused a slight delay, but we couldn’t be upset because it ended up getting us a lower rate overall. We were able to sign the documents in the comfort of our own home which was super convenient and appreciated. Would recommend!
Shawn Cannon
Second time working with Vince
Second time working with Vince. Have had nothing but great experiences. Highly recommend!!
Katie Novak
Federated Lending was a great mortgage…
Federated Lending was a great mortgage company to work with! We were able to ask questions and get immediate answers.
Mike Pawlikowski
Federated Lending comes through again
Federated Lending comes through again. Tom K. and Federated Lending team helped me through the process of getting my original mortgage and now again with the refinance. They made the process very easy and I am extremely happy with the end result. I would strongly recommend if your looking for a mortgage or refinance that you reach out to the Federated Lending Team.
Elaine Punchello
I've trusted Federated Lending multiple…
I've trusted Federated Lending multiple times for my home mortgages. They make what can be a difficult process easy to get through. I've never had a delay in a settlement because of my mortgage, which is a frequent issue with other lenders. I'll continue to use them and recommend them. Thanks!
Kristen Katzianer
Easy process from start to finish
Easy process from start to finish. The underwriter should make more money.
Bart Cerami
Andrew Larson and Federated Lending made refinancing my home simple, and saved me a lot of money in the process. And Andy continued to assist me after the closing when I had a question regarding my local tax payment. I have already recommended him to several of my friends and will continue to do so. Thanks Andy!!
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