Over Memorial Day weekend, Accunet President Brian Wickert and loan consultant David Wickert are joined by 620 WTMJ’s Steve Ketalaar to discuss the impact that property taxes have on a person’s purchasing power. They provide an in-depth comparison of property tax rates by state as well as by different municipalities within Wisconsin in an effort to express that property tax rates are an important part of the answer to the question home buyer’s ask the Accunet team nearly every day: How much house can I afford?
To answer this complex equation, Accunet relies on these three main steps:
Step 1 – In order to get your maximum monthly house payment, Accunet needs to combine all your monthly payments. This grand total comprises of car expenses, student loans, child support costs, credit card fees and your new mortgage. Utilities and discretionary payments such as cable TV, Netflix and cell phone payments are not part of this equation.
Step 2 – Next, this monthly grand total is subtracted for everything other than your new mortgage payment which leaves you with a number that represents your maximum housing payment. This includes taxes, interest dues and condo dues.
Step 3 – Lastly, Accunet can provide a ballpark figure for your maximum purchase price using additional factors like down payments, interest rates, loan terms, property taxes, insurance, condo dues and credit scores.
Later in the show, Brian and David discuss the big week ahead for mortgage rates and weigh in on two key economic measurements that will factor heavily into the Federal Reserve’s June 15th rate hike decision. Additionally, the guys share their take on a recent Wall Street Journal article about the likelihood of Fannie Mae and Freddie Mac needing another bail out.
To wrap things up, Brian and David move away from numbers and treat listeners to a few crazy but true stories from the home buyer trenches. Check out the latest episode below and get started on your Rock-Solid Pre-Approval today.
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