How Much House Can You Afford in Gladwin, Michigan?

Gladwin, Michigan is located in Gladwin County in rural Northern Michigan. Here you can expect lakes, state forests, downtown shopping and a small town atmosphere. We are currently experiencing a buyers market! There is a lot of inventory to choose from, much of which is the foreclosure (bank owned) inventory. Interest rates are low and if you act now the first time home buyer tax credit of up to $8,000 is still in effect.

No matter what type of market it is always in your best interest to get pre-approved by a lender before you begin viewing homes with your real estate agent. This way you know:

• How much you can afford - you will have a price range and know what you are comfortable spending for your new home.
  
• Approximately what interest rate you can expect - the rate will change until you lock it in, but interest rates vary by credit score and affect the amount of your payment so it is good to get some idea of what to expect.
  
• What types of homes you can look at - Some loan programs will have criteria that the home must meet which will exclude fixer uppers. Some loan programs will exclude manufactured homes.

National Association of Realtors (NAR) has a useful tool that will quickly provide you with an estimate of how much home you can afford. By adding the amount you may be qualified to borrow to what you've saved for a down payment, it estimates the maximum home price for which you may qualify.

This can be a useful tool so feel free to use as often as you like. To open the Home Affordability Calculator click here.

Remember this calculator is only offered as a planning tool and is not an offer to make a loan of any amount. For more precise guidelines about lending considerations that apply to your situation, please contact a mortgage lender

Currently in Gladwin County the average home sale is $73,178 and there are currently 1,073 homes for sale. To read the entire September 2009 Gladwin, Michigan market update click here.

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