RE/MAX Realty Associates, For all your REAL ESTATE Needs!

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. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%.

When coupled with current outstanding loans, the total for your debt service should not exceed 36% 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 28% tax bracket, this is equivalent to receiving a 28% 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.

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the CHAMPAIGN COUNTY ASSOCIATION OF REALTORS® Multiple Listing Service.

Listings may be active or contingent. Consult your REALTOR® for details. All rights reserved. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the listing broker(s) nor the owners of this site shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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RE/MAX Realty Associates
2009 Fox Drive
Champaign IL 61820
(217)352-5700

Real Estate License # 475.143433

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