Getting Started: Understand the Numbers Understanding Mortgage, Escrow & Additional Costs What to Buy & Where to Live Find Your New Home Know the Market Understanding the Contract Make an Offer After Your Offer is Accepted About Closing Costs & Title Insurance Moving Guide Ask Us About Our VIP Concierge Service VIP Realty offers exclusive concierge services for interested home buyers. Learn more.

Home >> Home Buying Guide & Mortgage Calculator VIP Home Buying Guide & Resources Getting Started Buying a Home in Indiana: Understand the Numbers - Mortgage, Down Payment, Points, Closing Costs, Moving Costs, Affordability Calculator

Once you've decided to buy a home in Central Indiana, the first thing you need to do is consider how much you can afford to pay for your new home. We provide links, below, to Calculation Tools to help you determine a financial starting point.

Getting Started in Indiana: "Understand the Numbers"

Besides a basic mortgage, getting into a home will usually take some upfront money, the amount of which can vary depending on your financing decisions. It's a good idea to know what these other costs might entail, and what out-of-pocket expenses you can afford, including:

• Down payment
• Points
• Closing costs
• And don't forget, Moving Costs!

Determine What You Can Afford for Your New Home in Central Indiana

Whenever making a major purchasing decision, it's important to have as much information as possible before getting too far into the process. It's a waste of your time to shop for a Cadillac CTS if you can only afford a Honda Civic.

Before beginning to look for a new home in Central Indiana, you should calculate how much house you can afford. This will help determine what type of home to buy and where to begin looking. You can make a preliminary assessment by using these Affordability Calculators:

For a comparison of affordability results, you can also use these Affordability Calculators from Fannie Mae:
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• Calculate how much home you can afford.
   
• Determine monthly payment for a specific sales price.
   
• Determine how much house you can afford for a specific monthly payment.
  

Please note that these calculations do not consider the true cost of a mortgage, which includes additional monthly costs for escrow and other related fees. For more information. read Understanding Mortgage, Escrow & Additional Costs.

Once you've determined what you can afford, it’s a good idea to look into pre-qualifying for a loan. Pre-qualification will give you a better idea of how much you will be able to borrow, giving you a starting point for your home search. Pre-qualification also tells sellers that you are a serious potential buyer.

Learn As Much As Possible About the Home Buying Experience

These resources provide valuable information to help you with your home-buying experience. The more you know before you buy a home, the happier you will be after you move in.

For more information about how VIP Realty can help you buy a home in Central Indiana, call Tammy Bookout at (317) 345 - 8269 or toll-free at 888-VIP-0002 (888-847-0002), or send Tammy an e-mail, or submit the Request for Information form below.

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