Today, we’re diving into what it takes to buy a million-dollar home in New Jersey. Buying in this price range isn’t just about having a down payment; it requires a strong financial profile. I’ll break down the income requirements, estimate monthly mortgage payment, and other factors that impact affordability such as debt to income ratio, credit score, and downpayment. In addition, I will also talk about other costs to consider such as closing costs, maintenance and utility and the NJ mansion tax.
0:00 intro
0:53 get a personalized mortgage pre approval from a mortgage lender
01:33 28/36 rule - the rule we will use to calculate the income you need to buy a million dollar home
02:28 monthly mortgage breakdown and estimate monthly payments for a million dollar home
03:52 how much income do you need to make per year to comfortably afford a million dollar home
04:47 other financial factors to take into consideration such as debt to income ratio, credit scores and downpayment
06:49 minimimum income requirement if you don't have any monthly obligations or debts
08:00 credit score requirements to get pre approved for a mortgage
8:36 how much downpayment do you need to buy a million dollar home in nj
9:15 additional costs you need to account for outside of your monthly mortgage
09:25 closing costs you need to buy a million dollar home
10:37 new jersey mansion tax
11:09 summary of how much income and downpayment you need
[Disclaimer] Quick disclaimer. I am not a mortgage advisor. The information I’m going to provide for you today is general information based on certain criteria. If you would like to get a personalized pre-approval based on your financial situation feel free to comment your email below, or send me a quick email at gabbym@kw.com and I’ll connect with you some of my preferred loan officers. And with that let’s get into it!"
Thank you for watching, and I can't wait to hear your thoughts in the comments!
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