Can You Afford a purchase of Real Estate in Key West?

Consider the following factors to determine whether or not you can afford to purchase a real estate:

• How much money have you saved for a down payment?

• What is the status of your current income and expenses, such as car payments?

• Do you have a good credit history?

• What are the current interest rates on mortgages?

• What are your priorities and lifestyle?

 How much home can you afford in Key West?

 This is one of the first things to consider when buying a home. First of all, knowing what you can afford will narrow your range so you will not waste time by looking at homes that cost too much. First-time buyers often become disappointed when they find the home of their dreams only to discover they cannot afford it.

Unless you are paying cash for a home, how much home you can afford depends on your income, your assets, your expenses and debts (including automobile or education loans and outstanding credit card balances), prevailing interest rates on mortgages, the cash needed for a down payment (10 to 20 percent of the purchase price), and closing costs (four to six percent of the purchase price).