So…what do you want your Raleigh Mortgage Payment to Be?

So…what do you want your Raleigh Mortgage Payment to Be?


When you're buying a home in Raleigh or a home anywhere for that matter, it is my opinion, to search for what home costs, not by the listing price of the home. Price is just the cost on the sticker.  In contrast, cost is what you pay each month to own the home. It's your Raleigh mortgage, your taxes, your insurance, and even you home owners association. It's your combined cost of homeownership.



Please make no mistake…in the Kevin Martini family, price matters in the long run but cost is what hits your wallet every month.

So the first question you should ask yourself regardless if you are a first-time home buyer or a seasoned real estate investor is:

“how much can you afford to spend on a home each month”

Yes, I am suggesting to search for homes by the "Monthly Payment" not the “List Price”

As a Raleigh homebuyer, this is the most important question you can ask yourself. Folks, let me warn you…ranges do not work – you need to know your specific number.

Once you know your monthly budget, determining whether a home is “affordable” for you is a matter of working some basic Raleigh mortgage math.

Home Affordability

Homes are more affordable today than at any time in recorded history. It’s not because home prices are down, though -- it’s because Raleigh mortgage rates are.

Low Raleigh mortgage rates extend a buyer’s housing budget farther than falling home prices ever could. But with Raleigh mortgage rates changing every 3 to 4 hours on average, affordability can be VERY short-lived.

Every time Raleigh mortgage rates change, so does your budgeted maximum purchase price & the changes can be dramatic.  For Example: For each 0.125% increase to mortgage rates, your maximum purchase price must fall by about 1 ½ % to stay with your budget payment.

This is why timing the housing market is reckless. Rising Raleigh mortgage rates can quickly erase your savings.

About The Author:

Kevin Martini is a trusted Raleigh lender with the Kevin Martini Group at SunTrust Mortgage.  You can email Kevin at Kevin@KevinMartini.com or call at 919.274.3700.