If you would like more information about finding out how much you qualify for Contact Us and we will be happy to help you. If you would like to buy or sell a home or property visit our Buyers Page or Sellers Page.
When buying a home, it is helpful to determine the type of home you'll like and how much you can afford before beginning your search. Monthly housing costs shouldn't be more than 32% of your gross monthly income. Housing costs include your monthly mortgage payments (principal and interest), property taxes and heating expenses( PITH— Principal, Interest, Taxes and Heating). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 32%.
When coupled with current outstanding loans, the total for your debt service should not exceed 40% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power.
Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 32% tax bracket, this is equivalent to receiving a 32% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest.
As life-time residents of Maryland and full-time, full-service realtors since 1989, we use our knowledge to advocate for you! Our goal is to provide our clients personal and professional service. You make all the decisions and we act aggressively on your behalf. For sellers, we offer high-tech marketing, virtual tours, concierge services and more. For buyers, we offer full buyer representation, financing, new construction and more.
“The Sponsky Team makes even the most complicated transaction seem as if it is an easy process. They show the highest level of professionalism and integrity no matter what they do. I felt as if they were partners with me every step of the way and that no detail was too small for them to handle...[Read More]