Your income and down payment don’t just influence your mortgage they define  your buying power. This week’s Buying Power Breakdown shows exactly how fast things can change based on just two numbers. 🔹 Scenario 1 Income:  $120,000 Down Payment:  $60,000 Estimated Max Home Price:   ≈ $767,099 Estimated Monthly Payment:   ≈ $4,900 With a strong income and a solid down payment, buyers in this range unlock significantly higher home affordability even at identical rates, taxes, an

Unlocking what you can truly afford every Friday! Navigating the housing market can feel overwhelming, especially when you’re trying to understand exactly how much home you can afford. That’s why every Friday, we bring you Your Weekly Buying Power Breakdown  a simple, transparent look at what your real  purchasing power is. Whether you're renting, saving, budgeting, or exploring multi-family “house hacker” opportunities, we break it all down based on: ✔️ Your income ✔️ Curre

Before you start shopping for your dream home, it’s important to know exactly what you can afford. Understanding your numbers upfront means fewer surprises later and a smoother home-buying experience. Here’s a real example straight from our in-house affordability tools: 💰 Scenario 1: Sample Home Purchase • Home Price:  $600,000 • Down Payment:  $60,000 (10%) • Loan Amount:  $540,000 • Interest Rate:  6.19% • Term:  30 Years • Estimated Monthly Payment:   $4,228.83 That month

We’re excited to congratulate our buyers on their brand-new home in Farmingdale, NY! 🏡 This beautiful property features 4 bedrooms, 2 bathrooms, and 1,283 sq. ft. of living space —a perfect fit for their growing family. 📊 The Numbers Behind the Purchase Purchase Price:  $609,000 Down Payment (20%):  $121,800 Household Income:  $123,000 Monthly Debts:  $694 Property Taxes:  $9,944/year Home Insurance:  $2,020/year Monthly Payment (with escrow):  $4,197.56 Clo

When applying for a mortgage, one of the most important numbers lenders review is your Debt-to-Income Ratio (DTI) . Simply put, DTI measures how much of your monthly income goes toward paying debts. The lower your DTI, the stronger your application and the better your chances of securing a great interest rate. Here’s what you should know: ✅ Conventional Loans  – Most lenders allow up to 43% DTI  (some may stretch to 49% ). ✅ FHA L

At LJ Mortgage Team Inc., we love helping clients find financing solutions that fit their unique situations and this closing was a perfect example. 📍 Location:  Nassau County, NY 💰 Purchase Price:  $735,000 💵 Down Payment:  25% 📊 Closing Costs:  $36,000 📈 Credit Score:  820 📂 Loan Type:  Bank Statement Loan Our self-employed client needed flexibility and speed   without the hassle of providing tax returns or traditional income documentation. With a Bank Statement Loan

When you're buying a home, it’s easy to feel overwhelmed by the long list of closing costs that show up before you get the keys. But did you know not all closing costs are created equal and not all of them are within your control? At LJ Mortgage Team , we believe that understanding the details upfront is the key to a smooth closing. Here's a simple breakdown of who controls what  when it comes to closing costs: ✅ Sections A & B – 100% Lender Control