Your First Step: Budget & Affordability

One of the first steps to get started on this exciting journey is planning ahead. Here are some tips to determine how much home you can afford to purchase.

  • Assess your current financials
  • Thoroughly evaluate your monthly income and expenses
  • Create a savings plan
  • Review your budget on a regular basis
  • Make simple, logical changes

Setting a home buying budget involves more than seeing if you can swing a mortgage payment. Staying organized and saving money early will have a greater impact later. Talking to a George Mason Mortgage Loan Officer as early as possible will help in figuring out your sweet spot of affordability.

TIP: If you are ready to buy soon, set aside important documents such as pay stubs, bank account statements, W-2’s and tax returns for the past two years.

The Great Mortgage Myth

You may think that all mortgage loan types require a 20% down payment. This is a myth!

George Mason Mortgage offers many loan types that do not require having to put 20% down. Funds for your down payment may come from other sources than just your bank account.

The good news for homebuyers today is that there are a variety of financing options available* and some of these programs even fund the down payment portion or have low down payment requirements.*Not all borrowers will qualify for all programs.

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