Options

Options

Most new buyers have just one question…how much can I afford? It seems simple but the truth is way more complicated. There are two components: 1) how much can you afford every month? 2) how much have you saved for your down payment? Depending on the real answers there are options. Here’s an example: let’s say you make $15,000 per month and have no debt. You could technically afford a 6,500 monthly payment which would equate to almost $2,000,000 house purchase. However, how much money do you have for down payment and closing costs? Let’s say $100,000. To be fair any million dollar housing option has higher taxes. So estimate 1-2% for closing costs covering closing, taxes and insurance. Any loan above $765.600 is considered JUMBO and requires 10% down payment. So even though you make enough for a higher monthly loan payment you are somewhat restricted by your down payment.

So if you take 1-2% from your $100,000 cash to cover closing costs that leaves $85,000. In JUMBO financing that means $85K is 10% equaling $850,000, not $2,000,000. Big Difference!

If your new income is a windfall, meaning it was never expected, use the first influx toward a short term purchase hat becomes an investment, them=n maximize your established income for a permanent purchase next year. Your life has options. Let us help you find your own road.

CONTACT INFO

76-6190 Plumeria Road
Kailua Kona, HI 96740

Equal Housing Lender

LICENSING

Douglas Mallardi, Loan Originator NMLS#1612621

Powered by NEXA Mortgage LLC
3100 W. Ray Road. Chandler, AZ 85226
NMLS# 1660690

We hereby authorize you to view and print information on this website subject to it being used for informational and non-commercial purposes.

The information contained in this website is believed to be reliable, but we do not warrant its completeness, timeliness or accuracy. The information on this website is not intended as an offer or solicitation for any mortgage product or any financial instrument. The information and materials contained in this website – and the terms and conditions of the access to and use of such information and materials – are subject to change without notice. Products and services described may differ among geographic locations, offices and as a result of individual conditions. Not all products and services are offered at all locations. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

It is our intention that data provided on a subject is of a general nature. Our website does not represent an exhaustive treatment of subjects nor is the information intended to constitute accounting, tax, legal, consulting or other professional advice.

Prior to making any decision or taking any action we kindly request you to contact your tax or legal advisors.

Please use this document and information at your own risk. The content of this site is copyrighted and therefore any unauthorized use of any materials on this website may violate copyright, trademark, and other laws.

Materials on this website may not be modified, reproduced, or publicly displayed, distributed or performed for any public or commercial purposes prior to our approval.