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Affordability Calculator

[section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”section-custom-background-image” wp_rem_cs_section_bg_image=”https://myenclave.com/wp-content/uploads/2017/11/Dotted-Background.png” wp_rem_cs_section_bg_image_position=”repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_var_column_align=”align-left” wp_rem_var_column_seperator_style=”classic” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

[/wp_rem_cs_column][spacer spacer_element_size=”25″ wp_rem_cs_var_spacer_height=”25″ ][/spacer][call_to_action call_to_action_element_size=”100″ wp_rem_var_call_to_action_style=”default” wp_rem_var_call_to_action_align=”align-left” wp_rem_cs_var_call_action_subtitle=”Next: See how much you can borrow” wp_rem_cs_var_button_bg_color=”#ffffff” wp_rem_cs_var_heading_color=”#ffffff” wp_rem_cs_var_call_to_action_icon_background_color=”#000000″ wp_rem_cs_var_call_to_action_button_text=”Get Pre-Approved” wp_rem_cs_var_call_to_action_button_link=”https://myenclave.com/mortgage/getting-pre-approved/” wp_rem_cs_var_contents_bg_color=”#000000″ wp_rem_cs_var_call_action_text_align=”center” wp_rem_cs_var_call_action_img_align=”no-repeat center top” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ] You’ve estimated your affordability, now get pre-qualified by a local lender to find out just how much you can borrow. [/call_to_action][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”section-custom-background-image” wp_rem_cs_section_bg_image=”https://myenclave.com/wp-content/uploads/2017/08/Office-3.jpg” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][icon_box icon_box_element_size=”100″ wp_rem_cs_var_icon_boxes_title=”Tools & Resources” wp_rem_cs_var_icon_boxes_element_alignment=”align-center” wp_rem_cs_title_color=”#000000″ wp_rem_cs_icon_box_content_color=”#ffffff” wp_rem_cs_icon_box_icon_color=”#91a053″ wp_rem_cs_var_icon_box_icon_size=”icon-3x” wp_rem_cs_var_icon_box_view=”boxed-v2″ wp_rem_cs_icon_box_content_align=”top-center” wp_rem_cs_var_icon_box_column=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][icon_boxes_item wp_rem_cs_var_icon_box_title=”Rates” wp_rem_cs_var_icon_boxes_icon=”icon-bank” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]

Browse mortgage rates.

See how a mortgage impacts your score.

[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Credit” wp_rem_cs_var_icon_boxes_icon=”icon-gauge” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]

Get your free credit score

See how a mortgage impacts your score.

[/icon_boxes_item][icon_boxes_item wp_rem_cs_var_icon_box_title=”Approval” wp_rem_cs_var_icon_boxes_icon=”icon-user-check” wp_rem_cs_var_icon_boxes_icon_group=”default” wp_rem_cs_var_icon_box_icon_type=”icon” ]

Get Pre-Approved

Get your true budget and find your home with ease.

[/icon_boxes_item][/icon_box][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#ffffff” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_faq faq_element_size=”100″ wp_rem_cs_var_faq_main_title=”Affordability 101″ wp_rem_var_faq_align=”align-center” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”What factors help determine ‘how much house can I afford?” wp_rem_cs_var_icon_box_group=”default” ]

To determine ‘how much house can I afford’, the standard rule is that your monthly expenses should not exceed 36%. The 36% rule is based on dividing your monthly mortgage payments and other monthly debt payments by your gross monthly income.

Key factors in calculating affordability are:

  • Income – Money that you receive on a regular basis, such as your salary or income from investments. Your income helps establish a baseline for what you can afford to pay every month.
  • Funds available – This is the amount of cash you have available to put down and to cover closing costs. You can use your savings, investments or other sources.
  • Debt and expenses – It’s important to take into consideration other monthly obligations you may have, such as credit cards, car payments, student loans, groceries, utilities, insurance, etc.
  • Credit profile – Your credit score and the amount of debt you owe influence a lender’s view of you as a borrower. Those factors will help determine how much money you can borrow and what interest rate you’ll be charged. Check your credit score.

[/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”If I can afford the home, should I buy it?” wp_rem_cs_var_icon_box_group=”default” ]

We’ll provide you with an appropriate price range based on your situation. Most importantly, we’ll take into account all your monthly obligations to determine if a home is comfortably within reach.

PRO TIP:

It’s also important to plan for the future. Consider creating a savings plan for upcoming life events, such as having a child.

[/faq_item][faq_item wp_rem_cs_var_faq_active=”no” wp_rem_cs_var_faq_title=”What if I am pre-qualified by a bank for a higher amount than my affordability results tell me?” wp_rem_cs_var_icon_box_group=”default” ]

When banks evaluate your affordability, they only take into account your outstanding debts. They do not take into consideration if you want to set aside $250 every month for your retirement or if you’re expecting a baby and want to set aside additional funds. NerdWallet’s Affordability Calculator helps you easily understand how taking on a mortgage debt will affect your expenses and savings.

[/faq_item][/wp_rem_cs_faq][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_blog blog_element_size=”100″ wp_rem_cs_blog_element_title=”Must Reads” wp_rem_cs_blog_element_title_alignment=”align-center” wp_rem_cs_blog_cat=”mortgages” wp_rem_cs_blog_order_by=”date” wp_rem_cs_blog_order_by_dir=”DESC” wp_rem_cs_blog_description=”yes” wp_rem_cs_blog_excerpt=”30″ wp_rem_cs_blog_excerpt=”30″ wp_rem_cs_blog_num_post=”3″ blog_pagination=”yes” wp_rem_cs_blog_view=”view2″ wp_rem_cs_blog_size=”3″ wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ][/wp_rem_cs_blog][/section][section title_sub_title_alignment=”left” wp_rem_cs_section_background_option=”no-image” wp_rem_cs_section_bg_image_position=”no-repeat center top” wp_rem_cs_section_video_mute=”yes” wp_rem_cs_section_video_autoplay=”yes” wp_rem_cs_section_bg_color=”#000000″ wp_rem_cs_section_padding_top=”60″ wp_rem_cs_section_padding_top_mobile=”0″ wp_rem_cs_section_padding_bottom=”30″ wp_rem_cs_section_padding_bottom_mobile=”0″ wp_rem_cs_section_border_color=”#e0e0e0″ wp_rem_cs_section_margin_top=”0″ wp_rem_cs_section_margin_top_mobile=”0″ wp_rem_cs_section_margin_bottom=”0″ wp_rem_cs_section_margin_bottom_mobile=”0″ wp_rem_cs_section_nopadding=”yes” wp_rem_cs_section_parallax=”yes” wp_rem_cs_section_nomargin=”yes” wp_rem_cs_section_view=”container” wp_rem_cs_sidebar_left=”blog-sidebar” wp_rem_cs_sidebar_right=”blog-sidebar” wp_rem_cs_sidebar_left_second=”blog-sidebar” wp_rem_cs_sidebar_right_second=”blog-sidebar”][wp_rem_cs_column flex_column_element_size=”100″ wp_rem_cs_var_column_section_title=”Schedule your buyer consultation” wp_rem_var_column_align=”align-center” wp_rem_cs_var_column_title_color=”#ffffff” wp_rem_res_large_device_hide=”no” wp_rem_res_medium_device_hide=”no” wp_rem_res_sm_device_hide=”no” wp_rem_res_xs_device_hide=”no” ]

Schedule a free buyer’s consultation with a licensed real estatee Agent today! 

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