Wealth-Building Starts with a Budget

Wealth can only happen through intentional spending… and saving.

We’re going to cover the basics of budgeting, and how you can pinpoint a payment that’s a blessing not a burden.

Determine How Much House You Can Buy (Without Going Broke)

Remember that a budget is just a plan dealing with two things: income and spending. Since spending and income rarely stay the same year-round, you’ll want to make a budget every month.

Making a budget is easy…

  1. List all your income
    Make sure to record your take-home pay, not gross income. Include money from any part-time or seasonal jobs.
  2. Jot down your expenses It’s also a good idea to put them into categories, such as utilities, debt, savings, etc. Subtract your expenses from your income.
  3. Make sure everything adds up to zero
    The idea here is to track all your spending, so income minus expenses should equal zero.
  4. The Down Payment-Maker
    If you finish your budget and have money left over, use it to pay off some debt or move it to savings (down payment, anybody?).

By the way, if you don’t want to do all of this in Excel or on a yellow pad, we recommend everydollar® to help you build a monthly budget. Click Here

Making a budget is easy…

Industry guidelines suggest up to 43% of your gross monthly income to go toward your mortgage. But just because the industry says it’s okay, that doesn’t mean you should let your mortgage eat up that much of your take-home pay.

If you follow Dave Ramsey’s advice closely, you’ll know that he recommends that no more than 25% of your net monthly income go towards your mortgage.

We find that most people can live really well if their mortgage is around 25% of net monthly take-home pay, but that decision is up to you and will be dictated based upon your unique situation.

Give Your Mortgage a Test-Drive

If you want to see what your mortgage amount means for your lifestyle, we recommend you give it a try…

Think about your current rent or mortgage amount. If your new mortgage amount is going to be higher, put the difference into savings on the first of the month to simulate your new mortgage payment.

Once you’ve test-driven your estimated payment, ask yourself these questions:

If you’re good to go, then congratulations! You know you handle the payment without any issues, and you’re ready for your new mortgage.

Now that Your Budget Is Set, It’s Time to Plan

What Do You Want to Put Down?

How much you decide to use for a down payment makes some loans a better fit for you than others.

There’s a wide variety of mortgage loans out there that each fits different needs, and your desired down payment will help your Home Loan Specialist find you the best fit for your situation.

Have Fun With the Numbers

Use our free tools and calculators to play around with the numbers. After you’ve plugged in a few scenarios and taken a test drive of your proposed budget, you can move forward with confidence.

Free Resources

Time to Get Started?

Our Home Loan Specialists are devoted to guiding you through the home loan process so you are comfortable on each step of the journey. If the time is right for you to buy a new home, Click Here to find your guide and talk to a Home Loan Specialist.

Debt-Free Homeownership®

Churchill is happy to offer the Total Cost Analysis by Mortgage Coach. It’s the loan program comparison and cost breakdown analysis tailored to your unique situation.

Our Home Loan Specialists will gather some basic numbers, and give you your Total Cost Analysis — the tailored loan options available to you. You can also compare scenarios by putting in your own numbers to see how making extra payments will affect the cost of the loan. This is the best way to find the right program for your situation and understand the benefits of early pay-off. If you have any questions, you’ll have quick access to your Home Loan Specialist who will be available for any questions you may have.

Feature Highlights

  • Easy to understand loan comparisons
  • Absolute clarity through a video walk through by your Home Loan Specialist
  • A clear illustration of how fast you can be mortgage-free
  • A clear cost breakdown, so you know exactly what is expected at the closing table
  • At-a-glance APR, interest rates and monthly payments
  • Rich graphics clearly showing the benefits of every option
  • Real-time changes allowing you and your loan professional to tweak details together so you understand new options instantly

How do you get your Total Cost Analysis? Just Ask!

Call us at 888-562-6200, Email us, or Request A Call

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Churchill gives you the tools to get
real answers.

Whether you want to see what early payment options are out there, build a smarter mortgage plan, or run “What if…?” scenarios to see if now is the right time to get a home loan. We have a mortgage calculator to help plan your journey.

We have a mortgage calculator to help plan your journey.

Click Here to see more calculators