Welcome to the MusselmanHomes.com Blog

2017-07-17 14:52:49
Buying a Home You Can Afford

Remember, the amount of home you are pre-approved for doesn’t necessarily mean that that is how

much house you can actually afford. A standard rule suggests spending no more than 28% of your

income on your monthly mortgage payment. If you have more monthly expenses, you could find

putting 28% of your income towards your mortgage payment each month more difficult than you’d


For instance, say you make $5000 a month. 28% of that would be $1400 per month and, in theory,

would leave you with $3600 to use towards the rest of your monthly commitments. That seems doable

if you have a minimal car payment and insurance. However, let’s say you purchased a very expensive

car with a monthly payment of $800. And you also have monthly commitments that total $780 ($200

cable and internet, $10 Netflix, $20 magazines, $150 phone, $200 insurance, $200 utilities) and that

doesn’t include food, going out, or debts such as credit cards. In this situation spending $1400/month

on a home may be stretching it a bit thin.

Keep in mind your current spending habits and decide if you want to cut back to afford a larger home or

if a less expensive option is best to continue to support your shopping habits. You want to be able to

buy that awesome pair of boots or take expensive vacations, doesn’t mean you can’t buy a house, you

should just consider all your options to maintain your lifestyle.

Take into account that owning a home comes with extra expenses. You are now responsible for paying

for home repairs and depending on if you move into a bigger home the utilities may be higher.

Buying a home can be the most exciting and largest purchase of your life! Just remember, the full

amount you are approved for may not be the amount of house you need or can comfortably afford.

Blog Archive
2018-07-23 14:09:15
Your Home's First Impressions

2018-07-17 08:00:39
House Hunting Checklist

2018-07-10 07:41:18
What do you need to know about closing?

2018-06-25 14:59:36
House Hunting Checklist

2018-06-18 12:38:00
Why Parks are Important to Neighborhoods

2018-06-11 14:36:24
Vacuum Tips to Get Your Carpet Cleaner

2018-06-04 14:15:03
What regrets do you have after you move?

2018-05-14 14:34:31
Creating a Serene Environment in Your Home

2018-05-07 14:18:51
The Advantage of Buying over Renting

2018-04-30 14:14:58
Rug Materials

2018-04-23 13:46:37
Home Disclosures

2018-04-16 14:31:46
Things you forget to Clean

2018-04-09 14:54:23
How to Decorate your Backyard for Entertaining

2018-04-02 13:50:08
Things you should know before you buy your First Home

2018-03-26 14:29:16
7 Kitchen Remodel Ideas for Families

2018-03-19 15:19:51
4 Reasons to Consider a Refinance

2018-03-14 13:54:07
How to Welcome Spring to Your Home

2018-03-07 13:28:17
Creating Sports Themed Spaces

2018-02-28 13:59:56
Things Homeowners overlook when selling a home

2018-01-30 12:49:06
Reasons You Might Not Get Top Dollar for your Home

2018-01-23 12:52:45
Organizing Your Closet

2018-01-16 13:39:12
Ways to save on Heat this Winter

2018-01-09 13:20:43
Get a Home Energy Audit

2018-01-04 13:57:08
Finding the Best Realtor

2017-11-21 11:39:48
Save Money at the Grocery Store with These 5 Tips (and No Cutting Coupons)

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