Paying for a house By: Naja Meeks

Checklist of what to look for in my home

  1. 10. One bed🛌
  2. 9. Good neighborhood 🏘🏘🏠🏡
  3. 8. Amenities
  4. 7. Nice size bathroom🛁
  5. 6. Wide living room
  6. 5. Storage
  7. 4. Garage🚘
  8. 3. Nice size windows
  9. 2. Pool🏊🏽‍♀️
  10. 1. Yard

Job Title & Location

Job/Company title: Animatior

Location of Job: Emeryville, CA

I chose this profession and location because I hoped to be an animator when coming out of college and living out in California because it's nice out there and I enjoy the weather.

Getting Pre-Approved

Step 1: Before I can buy a house I have to get pre-approved for a mortgage to figure out how much I can afford. By doing this I plugged in my income amount and downpayment into a mortgage calculator to figure out what price range my house should be.

  • Income amount: $60,000💵
  • Downpayment: $9,000💵
  • Credit Score: 750 💳
  • Pre-Approval Amount : $267,400💰

Finding my home

Step 2: Now it's time for me to look for a house that's in my range, but still fits some of my house needs.

  • Address: 7727 Margerum Ave, San Diego , CA 92120
  • # of bedrooms: 1 🛏
  • # of baths: 1🛁
  • Price: $207,000
  • Lot Size- 635 sqft
  • Amenities- Dish washer, Mircowave,Refrigerator, Hot and cold air, washer and dryer.
  • Age : unkown
  • Other: nice fireplace🔥🔥, large balcony with nice view🌅 and condo not to far that has pool 🏊🏽‍♀️and tennis.🎾

Calculating Closing Cost

House pricing: $207,000

  • Down payment: $9,000
  • Property Taxes : $279
  • Title insurance : $67
  • Processing Fee : $2,070
  • Flood Cert-$20, Mortgage Applicant fee- $150, Commitment- $370, Appraisal- $500
  • Step 3: Now I must add all this together to figure out my amount paid at closing.
  • Total amount paid at closing: $12,456💵💵💵

Calculating Mortgage Amount

Step 4: To I already know my property value, down payment, and credit. Next is figure out my loan terms, mortgage rate, and monthly mortgage payment. To do this I plugged everything into a Mortgage calculator 📱

  • Property Value : $207,000
  • Down payment Amount: $775
  • Credit Score : 750
  • Number of Years (loan term) - 30 years
  • Mortgage Rate- 4.04%
  • Monthly Mortgage Payment - $1,808

Can you afFord the house?🤔🤔😱

Step 5: My percent for my monthly income needs to be 28% if it's over it then I won't be able to afford this house. To figure this out I divided my mothly mortgage payment over my monthly income

$1,808/$5,000 = 36%

  • Monthly Mortgage Payment : $1,808
  • Monthly Income : $5,000
  • Percent of monthly income: 36%

If was going to be in the 28% range my mothly mortgage payment needed to be $1,404 or less.

Step 6: Sadly I can not afford this house 😞which means in the future will have to look for an even lower price.

Credits:

Created with images by Jason Pratt - "House" • wuestenigel - "Bürozubehör / Office Management" • Ed Bierman - "Toy Story Fun" • TeroVesalainen - "fingers finger good" • jarmoluk - "apartment room house" • free pictures of money - "Money" • FirmBee - "office tax business" • free pictures of money - "Money" • TaniaVdB - "baby tears small child"

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