Before You Buy a House, Get These 3 Numbers Right

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   Before you fall in love with a house, I want you to know three

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   numbers: your comfortable monthly payment, your cash needed to close, and what you’ll have left afterward.

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   Because qualifying for a mortgage and being comfortable with that mortgage are two different conversations.

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   I’m Jeremy McDonald, a mortgage broker with twenty three years in finance.

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   This series is about helping you understand the numbers before you commit.

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   Let’s start with your monthly payment.

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   The number on a home search app is a starting point.

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   I want to look at principal and interest, property taxes, homeowners insurance, and mortgage insurance when it applies.

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   Then we check for things like association dues and flood insurance.

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    Two houses with the same price can create very different monthly costs.

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    And the lender’s maximum approval amount is not automatically your personal budget.

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    I want to know what payment leaves room for your life, your savings, and the occasional air conditioner that chooses violence in July.

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    Second, how much cash do you actually need?

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    Your down payment is only one piece.

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    Closing costs and prepaid items can also affect what you bring to closing.

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    That’s why I want you looking at a complete estimate, not just an advertisement about a small down payment.

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    If we’re considering down payment assistance, I’ll walk you through the actual terms.

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    We need to understand whether that help must be repaid, what could

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    trigger repayment, and how the full loan compares with your other options.

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    Assistance can be useful.

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    The goal is to understand the tradeoff before you choose it.

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    Third, what do you have left after closing?

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    Moving costs money.

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    Houses need maintenance.

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    Life does not stop sending bills because you just bought a home.

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    I don’t want you focused so hard on getting the keys that you overlook everything that happens afterward.

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    Once we know those three numbers, we can compare financing.

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    As a wholesale mortgage broker, I can shop across multiple lenders

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    instead of limiting the conversation to one institution’s product lineup.

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    That gives me more ways to look for competitive pricing and a loan structure that fits your situation.

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    I compare the rate, lender fees, monthly payment, and cash needed together.

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    One attractive number doesn’t tell the whole story.

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    If you’re buying in Florida or Alabama, call or text me at nine zero four, four four two, three two one three.

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    Or learn more at my website, McDonald dash M T G dot com.

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    Tell me where you want to buy, your timeline, and the payment you’d feel comfortable with.

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    Let’s build the mortgage plan before you build your weekend around house showings.