Planning to Buy a House? Here’s How Much You Need to Borrow

We have got some news for you: all that time you have been saving and spending your money, you have been doing it the wrong way. The rule of saving is that your insurances, taxes and utility bills should not be more than 28% of your income. This is the only way you will be able to afford the monthly payments on a home for sale in Sandy Springs, GA and still keep depositing  small amounts of your salary in your savings account.

Depending on the type of house loan you will be going for: FHA, conventional, VA, fixed-rate, etc, the debt ratio will vary accordingly.

The question that now remains is: What amount should you borrow?

The Down Payment

Let’s talk about the down payment first. How much have you saved? The minimum down payment is 20% of the house’s sales price. By paying the full 20%, you will be able to avoid private mortgage insurance. This will not only reduce the monthly payments but will also make a huge difference in the overall amount.

Here, let us explain it to you:

Let’s say that you saved $20,000 for a down payment for a home for sale in Sandy Springs, GA that costs $100,000. The thing to remember here is that the more money saved for the down payment means  the less PMI you will have to pay. Typically, 1% is charged on monthly payments, when the down payment is below the 20% mark.

This also gives you the benefit of finding better loan options. Lenders will offer you better loan terms if the equity is more. For them, the high down payment works as an assurity that the loan will be paid in full.

Debt to Monthly Payments Ratio

If you are already tackling a student loan, then an affordable option would be to look for a house with monthly payments that are below the 28% mark.

Measuring the Land

Instead of just focusing on the house budget, you should also look at the space. How much space do you need? Do you plan to change your lifestyle in the future? If yes, then purchase a house in which you can see yourself living with your family for the next decade.

Think Twice Before You Borrow

You don’t want any financial stress after you have bought a house. A house comes with many responsibilities, which is why you should be mindful of some details while borrowing. Only borrow what you can afford. When you do so, you get the advantage of paying of your loan sooner by making bigger payments, due to you moving up the career ladder. This will trim your expenses and leave room for you to start work on your house instead.

When buying a home for sale in Sandy Springs, GA, always set the budget lower than the amount you plan to spend. This way, if your heart does get stuck on a house, you will be able to increase the margin and show the seller that you are negotiating on their terms. To look at quality listings that fall under your budget, visit America’s Network Realty Group Inc. and enter your specifications to find your dream house in the neighborhood of your liking.

Homes for sale in Atlanta

Price
Beds
Baths
For Sale / All Types
New Listing - 3 weeks online
$210,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
2,601
SQFT
6796 Foxfire Place Place SW
Atlanta, GA 30349
COOKS LANDING Subdivision
$283,951
Single Family Home For Sale
Active
3
BED
2
TOTAL BATHS
1,802
SQFT
673 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
$330,349
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,363
SQFT
7064 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$299,026
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
3,040
SQFT
7057 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Price Change - 3 weeks ago
$329,990
Single Family Home For Sale
Active
6
BED
4
TOTAL BATHS
3,363
SQFT
663 Python Drive
Atlanta, GA 30349
Camden Manor Subdivision
New Listing - 3 weeks online
$310,270
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
3,236
SQFT
7024 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$312,132
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,544
SQFT
7014 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
$301,438
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,040
SQFT
7007 Demeter Drive
Atlanta, GA 30349
Camden Manor Subdivision
Foreclosure
$215,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,080
SQFT
6629 Overlook Ridge
Atlanta, GA 30349
Cooks Landing Subdivision
$4,000,000
Single Family Home For Sale
Active
7
BED
9
TOTAL BATHS
15,159
SQFT
4690 Thompson Road
Atlanta, GA 30349
 
$12,500,000
Single Family Home For Sale
Active
9
BED
14
TOTAL BATHS
26,000
SQFT
4965 Butner Road
Atlanta, GA 30349
 
$263,000
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
2,260
SQFT
3205 Camden Court
Atlanta, GA 30349
KINGSLAND Subdivision
Short Sale
$195,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,639
SQFT
432 Hammock Loop
Atlanta, GA 30349
 
New Listing - yesterday
$274,900
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,487
SQFT
3200 Camden Court
Atlanta, GA 30349
Kingsland Subdivision
Short Sale
$209,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,676
SQFT
2927 Chilhowee Drive
Atlanta, GA 30331
Legacy at Cascading Creek Subdivision
$245,700
Single Family Home For Sale
Pending
5
BED
4
TOTAL BATHS
2,404
SQFT
3492 Dacite Court
Atlanta, GA 30349
Flat Shoals Manor Subdivision
$162,490
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,800
SQFT
6679 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6690 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6683 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$167,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2205 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$174,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
6790 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$176,490
Single Family Home For Sale
Active
5
BED
3
TOTAL BATHS
2,217
SQFT
6687 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,800
SQFT
6742 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
6735 Mancha Street
Atlanta, GA 30349
Heritage Park Subdivision
$176,490
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,217
SQFT
2281 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$169,490
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,000
SQFT
2285 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
$162,490
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,800
SQFT
2273 Creel Road
Atlanta, GA 30349
Heritage Park Subdivision
Short Sale
$220,000
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,425
SQFT
6901 Talkeetna Court SW
Atlanta, GA 30331
Falls At Cascade Subdivision
$167,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,045
SQFT
505 Hererra Street
Atlanta, GA 30349
Heritage Park Subdivision
$1,599,000
Single Family Home For Sale
Pending
5
BED
6
TOTAL BATHS
5,200
SQFT
210 Rivermere Way
Atlanta, GA 30350
Gates on the River Subdivision
Short Sale
$129,000
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,162
SQFT
6111 Lamp Post Place
Atlanta, GA 30349
Buffington Park Subdivision
$224,420
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5001 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$215,892
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5026 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
Price Change - 4 weeks ago
$224,196
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,920
SQFT
5042 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$224,788
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
1,976
SQFT
5034 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
New Listing - 4 weeks online
$226,696
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,950
SQFT
5044 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$226,496
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,950
SQFT
5013 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$223,846
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,950
SQFT
5017 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$222,536
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5025 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
$223,536
Single Family Home For Sale
Pending
3
BED
3
TOTAL BATHS
1,920
SQFT
5031 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
New Listing - 4 weeks online
$230,586
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
1,976
SQFT
5035 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
New Listing - 4 weeks online
$232,696
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,950
SQFT
5037 Rapahoe Trail
Atlanta, GA 30349
Parkway Villages Subdivision
Short Sale
$115,000
Single Family Home For Sale
Pending
4
BED
4
TOTAL BATHS
1,912
SQFT
2180 Crossrail Drive
Atlanta, GA 30349
Fairfield Square Subdivision
$211,775
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,176
SQFT
4065 Alveston Drive
Atlanta, GA 30349
Riggins Ridge Subdivision
Short Sale
$135,000
Single Family Home For Sale
Active
3
BED
3
TOTAL BATHS
1,660
SQFT
4765 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
$299,900
Single Family Home For Sale
Active
5
BED
4
TOTAL BATHS
3,046
SQFT
4307 Bellwood Circle
Atlanta, GA 30349
Stonewall Manor Subdivision
$329,900
Single Family Home For Sale
Active
4
BED
3
TOTAL BATHS
2,759
SQFT
4288 Bellwood Circle
Atlanta, GA 30349
Stonewall Manor Subdivision
$212,000
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,006
SQFT
5015 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
$208,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,050
SQFT
4960 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
$229,900
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
2,050
SQFT
4915 Buckeye Place
Atlanta, GA 30349
Creekside Subdivision
Price Change - 2 weeks ago
$354,990
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,433
SQFT
787 Red Wolf Run
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$333,840
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
3,331
SQFT
6312 Jasper Way SW
Atlanta, GA 30331
Summit At Stonewall Tell Subdivision
$348,841
Single Family Home For Sale
Pending
4
BED
3
TOTAL BATHS
3,433
SQFT
775 Red Wolf Run
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$284,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
2,237
SQFT
763 Red Wolf Run
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$355,676
Single Family Home For Sale
Pending
5
BED
3
TOTAL BATHS
2,760
SQFT
112 Old Wolf Court
Atlanta, GA 30349
Wolf Creek Chase Subdivision
$425,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
5618 Livesage Drive
Atlanta, GA 30349
Union Crossing Subdivision
$425,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
5622 Livesage Drive
Atlanta, GA 30349
Union Crossing Subdivision
$425,000
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,200
SQFT
5667 Eternal Drive
Atlanta, GA 30349
UNION CROSSING Subdivision
$360,670
Single Family Home For Sale
Active
4
BED
5
TOTAL BATHS
3,905
SQFT
359 Woodmill Way SW
Atlanta, GA 30331
Summit At Stonewall Tell Subdivision
$362,750
Single Family Home For Sale
Active
4
BED
4
TOTAL BATHS
3,905
SQFT
354 Woodmill Way SW
Atlanta, GA 30331
Summit At Stonewall Tell Subdivision

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