Jamaica Real Estate Guide: Short Video on our many resources

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So How Much House Can You Afford

[Photo Credit: June Tree http://www.thedigeratilife.com/blog/]

Now that’s the BIG question? But here’s the thing, it’s NOT what the bank or lending institution says you can afford. The lending institution will give you a guideline as to what you can afford based on what you earn, how much you owe and other factors. However, you need to do a careful examination of your own finances, your budget and your expenses. This article will guide you through that process.

Start with determining your Budget

This is very important. Its one thing to go to a lender to find out how much you can afford. In fact, what they really tell you is how much you can borrow. How much you can afford depends on determining your budget and the size of the Monthly payment you can afford.

Then look at your income vs. expenses

Subtract your Monthly expenses from your Monthly net income (that’s after all deductions, taxes, etc.) and that will give you a general idea of what you can afford to put towards a Mortgage each Month. Here are some of the things that should be on your list of Monthly expenses:

* Monthly grocery and other shopping expenses
* Credit card and other loan expenses
* Car loan and insurance payments (even if you do not pay these Monthly, calculate the Monthly cost)
* Any ongoing out-of-pocket health care costs you may have
* Entertainment expenses (movies, dining out, parties, etc.)
* Monthly savings and retirement payments

Of course, if you are also paying rent, you can omit that from your list of expenses as this will disappear when you buy a house.

Once you subtract your expenses from your income you will have a working figure that you will be able to put towards a mortgage.

Start the ‘numbers’ game

Once you have arrived at your “number” start plugging it into some basic mortgage calculators. There are calculators on this website that you can use. You can start by working backwards from the price of a house you may be interested in. Or you can start with the Monthly amount you can afford to see what kind of house you can get. These calculators will only give you a general idea though. You still have to sit down with a lending institution.

Be careful not to become ‘house poor’

It is important to be honest with yourself when doing this exercise. If you are unsure of what you spend each Month or unsure of the cost of your expenses, do an audit of your spend for 1 to 3 Months. Record each transaction during this time period. Then after you arrive at the amount of money you can put towards a Mortgage, be careful NOT to exceed this amount. Otherwise you may find yourself in a position where:

1) You have to get a second job or find other means to supplement your income to make your mortgage payments, or

2) You gradually fall behind on your mortgage payments and wind up in a position where you could face foreclosure

I hope you found this information useful. Good luck to you and happy househunting!

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Let me ask you this? How have you applied some of these tips to help you save toward buying your Jamaican home?

Start or join in the conversation using the comments box at the bottom of the page.

YOU are invited!

YOU are invited to sign up for weekly featured listings, smart resources & updates!

You will also receive the following:

  • Financial Action Plan Guide by Financial Consultant, Cherryl Hanson Simpson
  • Audio interview w/Cherryl Hanson Simpson (MP3 version) Financial Action Plan for buying a home
  • Mortgage Application Checklist
  • Mortgage Calculator Worksheet
  • Free Subscription to our e-Newsletter

Jamaica Real Estate Guide Newsletter


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Jamaica Real Estate Guide Uses New Media to Serve Market

Press Release

Jamaica Real Estate Guide Uses New Media to Serve Market

Publisher of The Jamaica Real Estate Guide recently announced a TeleSeminar Series aimed at breaking down the home buying process for its readers.

Reportedly, JaRealEstateGuideTeleSeries.com has been set up as the website to host 5 Expert Interviews from the Jamaica Real Estate industry. Experts in the areas of Mortgage Banking, Real Estate Sales, Valuation, Land Surveying and Conveyance will be interviewed.
“Basically, we will give a break down of the home buying process and the role that each expert plays and how the home buyer will need to interact with each party.” says, Stephanie Treasure, founder of the Jamaica Real Estate Guide and creator of the TeleSeminar series.

“Each registrant of this Free TeleSeminar gets to interact in this online conference by submitting their burning question for any of the experts.”

The recordings of the teleseminar will be delivered via email where registrants can playback and listen on their computer on demand. Each interview in the series will be about 60 to 90 minutes in length.

Stephanie says the idea stems from the need to find a way to further serve the market, in addition to the print and online magazine, in a convenient and easily accessible format. Many online courses are being delivered via this medium. It is quite suited for our website visitors and readers of the Jamaica Real Estate Guide which come from over 30 Countries monthly.

For additional information and to register for this free Teleseminar series, visit http://jarealestateguideteleseries.com

About the Jamaica Real Estate Guide

The Jamaica Real Estate Guide is the only publication of its kind in Jamaica. It is a guide for the Jamaican homebuyer and seller and features properties for sale in full colour, real estate industry news and how-to articles. The Jamaica Real Estate Guide also provides a platform for Real Estate Industry players to market their companies and promote their listings. The Jamaica Real Estate Guide is a Butterfly Publications Product. Stephanie Treasure is the founder of the magazine and Managing Director of Butterfly Publications, JaSmallBizMarketing.com and JaRealEstateGuideTeleSeries.com

Additional Coverage of the Jamaica Real Estate Guide Teleseminar

Jamaicans.com

South Florida Caribbean News

YOU are invited!

YOU are invited to sign up for weekly featured listings, smart resources & updates!

You will also receive the following:

  • Financial Action Plan Guide by Financial Consultant, Cherryl Hanson Simpson
  • Audio interview w/Cherryl Hanson Simpson (MP3 version) Financial Action Plan for buying a home
  • Mortgage Application Checklist
  • Mortgage Calculator Worksheet
  • Free Subscription to our e-Newsletter

Jamaica Real Estate Guide Newsletter


Email Marketing You Can Trust

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