Do I look like I'm made of money?
Well, actually, not so much… but I do see someone who is an astute investor and money manager, someone who gets the distinction between the monthly mortgage amount I must pay and the purchase price.
The purchase price of a home is largely determined by market forces – listings vs sold properties, interest rates, average days on the market etc... These are factors over which I have little control.
The monthly mortgage payment, however, is a number that affects me in a more direct way. In addition, this is something that I can control. I can decide that the house I purchase will be no more than $1000 - $1100 mortgage payment monthly, for instance.
This is where the table comes in handy, as it shows us that your monthly mortgage payment will remain well within acceptable limits should I choose to increase my bid on a home. Should you wish to add an extra $10,000, your mortgage payment would increase by $47.30 per month. Should you wish to up your offer by $20,000 your mortgage payment will increase by $94.60, and so on.
As the chart indicates, the home could be yours for the cost of a corner store cup of coffee. Which would I rather forego???
Stay tuned!
Lindsay@TorontoRealEstateToday.com
(416) 809-6245
No comments:
Post a Comment