How Much House Can You Truely Afford

March 19, 2019

article image
If you are in the market for a new home and have been preapproved for a big, fat mortgage you may want to step back and calculate what you can actually afford to cover on a monthly basis. There can often be a disconnect between what a homebuyer is approved for by their mortgage lender and what they can truly afford. In many cases, homebuyers hope to see a big number on their mortgage pre-approval letter so they can purchase as much house as possible but in many cases the number you should actually focus on is the monthly payment to ensure you can really afford the house. Homeownership comes with a variety of monthly bills and while your mortgage payment is probably the biggest one, utilities, insurance and other expenses can quickly add up. Check Out Home Affordability Calculators. While there are thousands of mortgage calculators on the Internet, the majority of these simply calculate your monthly mortgage payment without really helping you determine exactly how much house you can actually afford. An affordability calculator will factor in a wider variety of information to determine what your true price range should actually be for the home to be truly affordable.

Spotlight

Nasco Middle East

Established in Dubai in 2003, Nasco Middle East is the trade name of Nasco M.E. Insurance Brokers LLC. With a dynamic team of over 120 professionals and a diverse portfolio of multinational corporations, we are dedicated to providing you with competitive and customized solutions that cater to all your insurance needs.

OTHER ARTICLES
INSURANCE TECHNOLOGY

Innovation rises to meet disability and long-term care risk

Article | January 28, 2022

As the COVID-19 pandemic continues, we are learning to live with it and mitigate its risks. While older adults have suffered disproportionately from the health impacts of COVID, they have also suffered from the effects of efforts to control its spread. Infection rates rose in recent months, and many long-term care facilities again closed their doors to visitors. This left many families separated from elderly and disabled loved ones during the holiday period.

Read More
CORE INSURANCE

Unlocking the potential of deeper customer-agent-insurer relationships

Article | December 27, 2021

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

Read More
CLAIMS

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

Read More
INSURANCE TECHNOLOGY

Making the digital leap in underwriting

Article | December 16, 2021

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

Read More

Spotlight

Nasco Middle East

Established in Dubai in 2003, Nasco Middle East is the trade name of Nasco M.E. Insurance Brokers LLC. With a dynamic team of over 120 professionals and a diverse portfolio of multinational corporations, we are dedicated to providing you with competitive and customized solutions that cater to all your insurance needs.

Events