Can You Really Afford Those North Georgia Properties?
When looking at listings of North Georgia properties, you may be thinking about big possibilities, but you will also want to think realistically, especially in the market today. Planning is the key to a successful home purchase. While there are property deals to be had on in North Georgia land for sale and other property, you need to be sure it is a deal you can afford.
When determining how much house you can afford, the standard rule is that payments should not exceed 28 percent of your monthly income, including taxes and homeowners insurance. Be certain to ask if any of the North Georgia properties you are looking at considering require extra hazard insurance, such as mandatory coverage for floods, as that will increase your insurance costs. You will also need to keep other outstanding debts in mind, since your overall debt ratio should not be more than 36 percent of your gross monthly income.
Keep in mind, in the housing market today, lenders require substantial down payments. So, once you know what type of monthly payments you can afford, be sure you have enough money saved, including funds to cover the closing costs. While Georgia ranks 36th in closing costs as compared to the rest of the nation, closing costs still run in the thousands.
While lending requirements are now stricter for North Georgia properties than they were five years ago, it is important to remember that preparation now will pay off later. Not sure if you are in the a position to buy North Georgia properties? Contact United Community Bank today at (866) 270-7200 to discuss your financial situation and housing needs, and to get special financing information. Our team of mortgage and real estate professionals can help.