Katherine Bartlett

Medina County OH Realtor

Katherine Bartlett
REALTOR®
330-858-0257
Kathy@katherinebartlett.com
RE/MAX Crossroads
Medina, Ohio
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Deciding How Much House You Can Afford

Deciding How Much Home You Can Afford

Your lender decides what you can borrow but you decide what you can afford.

Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent (it’s different in Canada).  As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.

Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

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Testimonials

Kathy is the most professional realtor I've worked with. Very responsive, knowledgeable and always working hard on her client’s behalf. I will definitely use her again.
Outstanding agent. Quick responses to all queries. Excellent presentation prior to signing on with her. Very knowledgeable. Straight shooter. My wife and I highly recommend her.
Kathy is the benchmark. I needed a quick turnaround and was very demanding and she exceeded my expectation at every turn. There was no detail that she missed and we closed in only 15 days from our first conversation. You don't need to talk to any other professional - just call Kathy!
Katherine sets the gold standard for a real estate agent. She is completely professional and has extensive knowledge of the market. Katherine is dedicated to her clients and makes the process of selling your property much less stressful.
Kathy was a great realtor! I felt she had our best interest in mind and did not push us in to anything. She was great during negotiations and I would recommend her to anyone looking to buy a home.

Providing Clients Exceptional Service

Katherine Bartlett, REALTOR®
RE/MAX Crossroads
Call us today! 330-858-0257
Kathy@katherinebartlett.com
888-801-9390 Fax


  

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