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Income Tips When Buying a House

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From Quick Guide: Buying a Home Guide

Summary: Annual income can determine how much house you can afford. See why in this video on buying a home.

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By Brett Staggs
eHow Presenter

Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. For the latter, he has...read more

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Video Transcript

"Hello! My name is Brett Staggs and on behalf of Expert Village, I am going to be telling you how much you can afford for a first time home loan. When trying to buy your very first home and you are trying to determine how much house can I actually afford, one of the first steps you should probably take is look at your annual income. That is how much you make in a year. You take that number and you multiply by 3. You take your annual income and multiply by 3, that is the number you should be really sort of honing in on for a purchase price for your home. What that allows you to do is say okay, with this purchase price of a home, I know with my income I will be able to afford the mortgage plus taxes, plus insurance and even mortgage insurance if your loan requires it. This is a very useful tool to let your Realtor know that here is the price range that I can afford. "

eHow Article: Income Tips When Buying a House

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