| Are you looking for a home in Scottsdale, | | | | principle only on the loan for a period of time. This |
| Arizona? Scottsdale has earned a reputation as an | | | | is a great choice for anyone anticipating that their |
| expensive community, one of affluence and | | | | income may increase over the next few |
| sophistication. Unfortunately many people firmly | | | | years.Some of these mortgage options are great |
| believe that these traits come with a hefty price | | | | for buyers in the Scottsdale market. It gives |
| tag. Although this is often true, you may be | | | | them more opportunities to buy into more |
| surprised by your options.Maybe you haven't | | | | expensive home communities. The main caution |
| figured out how much your can afford for a | | | | of course is to not overextend yourself financially |
| home. Some prospective buyers deliberately stay | | | | so that your home ownership becomes |
| away from Scottsdale because they think prices | | | | precarious.Even though Scottsdale is an expensive |
| are out of their reach, while others don't realize | | | | community, there are still homes available at |
| when they are in over their heads.How exactly do | | | | various price points. There are elegant yet |
| you figure out how much you can afford for a | | | | affordable condominium communities, and older |
| mortgage? The formula many mortgage agents | | | | single family homes with great potential.Owning a |
| formerly suggested was that home owners' plan | | | | home in Scottsdale is an important step in planning |
| that their mortgage payment (including taxes and | | | | for your financial future. Scottsdale is certainly a |
| insurance) be about 30% of the total gross | | | | market that will continue to appreciate, and there |
| monthly earnings.But times have changed and this | | | | is no better investment than real estate. |
| formula doesn't always work for all buyers. This | | | | Scottsdale also has traditionally been a very "in |
| old computation method doesn't take into account | | | | demand" community, which means this |
| the debt that most people carry in addition to | | | | investment offers stability and growth.With careful |
| their mortgage payments. Unlike the "good old | | | | planning, you can find your perfect home in |
| days", today, many of us owe on credit cards, as | | | | Scottsdale and not lose your shirt in the |
| well as car, student, and personal loans.A far | | | | process.Reg Gustin is a senior loan officer with |
| better formula for calculating how much you can | | | | Sun American Mortgage and specializes in helping |
| afford is to add up all of your monthly bills, and | | | | families and their financial lending needs.Get a FREE |
| then plan that the total amount of debt with | | | | mortgage rate quote from a reputable Arizona |
| mortgage, insurance and taxes, then keep this | | | | mortgage company at the Arizona MLS at here: |
| total at 45% of your gross monthly income or | | | | get a FREE copy of The Greater Phoenix Area |
| less.There are a number of mortgage options that | | | | Housing Appreciation Report, as compiled by |
| give home buyers more choices. For instance, no | | | | Arizona State University with your free |
| interest loans allow buyers to pay against the | | | | subscription to his monthly ezine, MARKET NEWS. |