“What is the Comfort Level for a Mortgage Payment?”

 

 

Hi Joe!

You have been helping my Mother, Vivian with a mortgage. So we have been in the $279 - $299 range. We have slowly increased and have found a home that is $325. Our Realtor has requested we ask you if that would work.

We are between three homes at the moment, (the first offer $275 countered however still high with many updates so we took it off the table unless they lowered). The second we put an offer at $245 which is the one my Mom really wants, (they did not counter with an AS IS condition, which is a challenge) and the other is $325 with distance being an issue but a perfect house, (it is in Mansfield).  I know this sounds confusing but we are getting closer.

So I am running by you the $325 range, is that doable in case this is the one?

Thanks Joe!

 

Yes, the client will still qualify for a mortgage that would buy a $325,000 home but when we met we discussed what the comfort level was for a mortgage payment. Based on the mortgage payment that the client would feel comfortable with, it translated to a $280,000 to $300,000 property.

 

I email back that based on the property she mentioned and the property taxes for that property it would mean a $2700 per month mortgage payment.

 

After I gave her the mortgage payment answer, she let me know that they would keep looking.

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 4 commentsJoe Petrowsky • October 18 2017 02:57PM
“What is the Comfort Level for a Mortgage Payment? ”
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