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4 Tips to Determine How Much of My Income Goes to Mortgage

January 5, 2021 by Shannon Christenot

Tips Before Buying a Home in Los Angeles Califronia

Venturing into the real estate market can provide you with the best opportunities, but you may not be entirely aware of its repercussions when considering your financial situation and income. That’s why you need to understand more about mortgages and monetary obligations. However, you may lack the practical knowledge needed to get started. But don’t worry; we can provide you with the information you need!

Tips Before Applying for a Mortgage

This article will discuss four practical tips that will help you determine how much of your income you need to allocate for your mortgage. Take this as a starting point to make your real estate ventures a worthwhile investment and find valuable connections in the industry!

  1. Think about your family’s current financial situation. You may be looking for a new house for your family to live in, meaning you are the primary breadwinner, or you work with your significant other to keep everyone financially afloat. That’s why you need to be careful when you get into the real estate market. Remember, a mortgage can be one of the biggest debts you and your family can take on. Not meeting its terms and conditions may land you in financial and legal trouble. As such, consider your household’s entire budget situation and think about paying your mortgage monthly. That way, you can better determine how much money is needed to meet all financial obligations and maintain your professional relationship with your mortgage broker.
  1. Stay committed to your ideal house price point. Many first-time real estate investors look for different prices because they believe that studying the market should be a top priority for the best deal. While this statement may hold some merit, you may settle on a deal if you aim for perfection. That’s why you need to know your priorities as a house buyer and a mortgage applicant. The best way to ensure you stay committed to a prime price point for any real estate is to look at local options. For instance, we can offer your relevant information on the different housing loan options available in Los Angeles. That way, you can determine an ideal purchase price and search for viable real estate investment options!
  1. Learn more about the difference between home purchase and real estate ventures. You may be confused with how much of your income should be allocated to your mortgage because you aren’t set on simply living in the house. After all, the real estate market does offer some enticing options. For example, let’s say it’s your first-time acquiring fix and flip loans, which are short-term options that many aspiring real estate investors use to purchase a property then resell it in the market for a more competitive price. The fix and flip loan’s financial flexibility may be something you are considering. That’s why you should partner with reputable lenders to ensure you can make well-informed decisions, whether it may be a home purchase or a housing venture for profits!
  1. Use free online tools for mortgages. If you want to get technical about your income allocations and find ways to start your mortgage application, the best way to do so is through free online real estate tools! For instance, you can use our mortgage calculator to help you scout the best deal in the Los Angeles area. That way, you can make the best decision about your income allocation and make responsible financial decisions!

Home Buying in Los Angeles with Shannon Christenot

Calculating exactly how much you should set aside from your salary for the mortgage requires a practical approach. Fortunately, you now have a better understanding of how to pull it off. All you have to do is adhere to all the previously mentioned tips and identify with the right mortgage company to guide you through the process. Start your real estate venture today!

Are you looking for the best mortgage company in Los Angeles? Consult with us at Shannon Christenot! We can provide you with the best house loaning options and professional advice to help you take charge of your mortgage acquisition. Call us through (818) 601-2231 to ensure stress-free mortgage processing and take advantage of the most cost-effective deals in the house loan market!

Filed Under: Buy A Home Tagged With: Buy a home tips, California, Los Angeles

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Caroline Wong
Caroline Wong
17:04 22 Apr 20
Shannon was very prompt and responsive to all queries. The process went more smoothly than I ever could have imagined. Highly recommend Shannon for all your mortgage/re-financing needs.
Sarah Goldberger
Sarah Goldberger
19:36 21 Apr 20
I cannot recommend Shannon highly enough! As an independent contractor, I knew getting a mortgage would be a little difficult, and Shannon supported me and helped make it work every step of the way. If I ever need brokerage services again, she'll be my first call!read more
Kristina Robbins
Kristina Robbins
21:47 15 Apr 20
We’ve worked with Shannon and her team twice and both experiences were stellar. The first was buying our first home and she walked us through the process and explained everything along the way to help us get quickly up to speed. The second time we were going for a refi in maybe the most turbulent mortgage market ever as COVID hit. She guided us through all the hurdles and worked double time to satisfy all the lenders new requests. We got a rate a full percent lower. I can’t recommend this team highly enough.read more
Karl Larsen
Karl Larsen
23:55 13 Apr 20
Shannon Christenot is the most amazing lender we’ve ever had. As a matter of fact this is the second time we’ve used Shannon to do a mortgage with us. She held our hand every step of the way. She made the whole process stress-free as well. And when we were coming down to the wire to finish our escrow within the 30 days she got us an extension Without even asking. Now we are locked into a very low rate. We’ve saved hundreds of dollars per month for the next 30 years. We cannot Thank Shannon enough. I would recommend Shanon to anyone thinking of buying a home or refinancing.read more
Tony Bilby
Tony Bilby
03:09 07 Mar 20
Shannon and her team were professional, competent, and swift when it came to the lending associated with my home purchase. We were able to get the loan approved and close on a house in less than 30 days. Record time!read more
Joshua Barton
Joshua Barton
16:05 23 Nov 19
I have had the pleasure of working with Shannon for 8 years - her knowledge of the mortgage process and attention to clients is unparalleled. The Los Angeles market can be tricky with high dollar homes and unique income of the Entertainment Industry, but Shannon takes charge and leads everyone through to successful closings like clock work - cannot recommend her enough a true Rock Star in Mortgage world.read more
Lauren S
Lauren S
04:52 18 Oct 19
Working with Shannon was a real pleasure. She was always available and got back to me promptly with any necessary information. I was able to refinance my mortgage at a rate considerably lower than another larger company quoted who I had started working with. I look forward to working with Shannon again and I highly recommend her to anyone looking for a competent and decent mortgage broker.read more
Mike White
Mike White
02:15 27 Sep 19
As first time home buyers we had no idea what we were doing. We were pre-approved by a well known company but quickly discovered that we absolutely did not want to work with them for the actual mortgage. Shannon was recommended to us by a friend and I called on a Saturday morning. By Saturday evening we were well on our way to buying a house (we closed three days ago!). Shannon made navigating these foreign waters so easy, answering all of our newbie questions with patience and grace. Plus she got us a fantastic rate. We are so grateful for Shannon and can not recommend her enough. WE OWN A HOME!!read more
Alaine Smith
Alaine Smith
13:15 26 Sep 19
It was wonderful working with Shannon! She is attentive, thorough, and intelligent. It was easy to communicate with her because she took time to hear and understand my goals and always responded quickly. I highly recommend her to anyone looking. The customer service she provides exceeds expectations by a long shot! Thank you, Shannon, for all your help!read more
Julie Mckay
Julie Mckay
17:20 28 Aug 19
I just purchased my first home! Shannon and her team were truly a dream to work with. I was never left in the dark and she was always quick to respond with all of my questions. My experience couldn't have been easier. I highly recommend Shannon and would use her again in a heartbeat! She is the BEST!read more
jojo quijada
jojo quijada
19:55 27 Aug 19
I've been in the real estate business for over 5 years now, and I always trust Shannon to work with my clients. She and Josh are an AMAZING TEAM! Buyers love to work with Shannon as she gets things done asap and answer any and every question/concern. I couldn't recommend a better person for lending. Can't thank her enough!!read more
Rotimi Ayanbeku
Rotimi Ayanbeku
20:12 15 Aug 19
I always go back to Shannon because she is one of the best in the business! I've worked with Shannon over the years, however, she outdid herself in my last deal. She was so professional, caring and effective that my clients were comparing everyone else in the deal to Shannon. More importantly, we were ready to fund in less than two weeks. Once again, Shannon affirmed my belief in her that she always rises to the occasion. Thank you for being the best!read more
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