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When you turn to lenders to acquire a house, they determine how much you can borrow based on computations. But do they really know your financial capacity? They can count your income and concrete expense but they don’t know exactly how much you’re regularly spending? You’re the only one who knows if your income can support your lifestyle. Do you have enough to fund housing costs? And don’t forget to leave room for new furniture’s, appliances, landscaping, repairs and maintenance.

Banks have been using the 28/36 ratio in determining how much they should let you borrow. The approved housing loan should be no more than 28 percent of the borrower’s gross monthly income. 36 percent should be the maximum total debt load of the buyer. This includes credit card payments, loans, car payments.

Canada uses a similar formula. Buyers can borrow up to 32 percent of their gross monthly income. And their total debt load should not be more than 40 percent.

But due to rising rates lenders are willing to stretch the housing loan to as much as 50 percent of the gross monthly income. But before you commit to this loan, think and rethink if you can really afford it.

Evaluate your spending habits. Think if there are areas where you can save so you can sustain the mortgage and keep a well-maintained house. After all it’s not just a matter of keeping your house. It’s also about having peace of mind.

Corey Bishop - Extension 701

Corey Bishop started his Real Estate career as a Sale Associate in 1995. Currently Corey is a licensed Broker in MA and Salesperson in VT. He carries many professional designations including the ABR,ATWDC,CRS,C2EX,GRI,SEC,SFR,RSPS.

Corey owns Bishop West Real Estate Inc with his business Partner Peter West which services Massachusetts, New York & Vermont. He’s also the co-owner of Bishop West Real Estate LLC with Mr. West which services the State of Florida with Offices in Venice & North Port

A current member of the Society of Exchange Counselors; the nation’s premier creative real estate marketing organization, Corey also served on the Board of Governors and is involved with many other committees for the Society.

Corey holds an Unrestricted Construction Supervisor and a Home Improvement Contractor license in the state of MA. As one of the owners of Modular Building Systems Inc he has been instrumental in the construction of new modular homes, residential fix & flips, multi-family renovations, commercial and Industrial building updates and renovations.

Currently his business revolves around Managing Bishop West Real Estate Inc & LLC, selling and investing in Residential, Land, Commercial & Investment real estate on a national level for clients, or on his own behalf. He also owns and manages a large apartment and Commercial/Industrial real estate portfolio.

Corey also is the managing partner of The Bishop West School of Real Estate, a Real Estate School that provides education on a local, regional & national level.

Professional Affiliations Include:

– NAR – National Association of Realtors

– SEC – Society of Exchange Counselors

– BCBOR – Berkshire County Board of Realtors

Professional Designations & Certifications Held:

– ABR – Accredited Buyers Representative

– AHWD – At Home with Diversity

– CRS – Certified Residential Specialist

– C2EX – Committed to Excellence

– GRI – Graduate of Real Estate Institute

– SFR – Short Sales and Foreclosure Resource

– SEC – Society of Exchange Counselors

– RSPS – Resort & Second Home Property Specialist

Other Notable items:

– President of Modular Building Systems Inc.

– Vice President of Bishop West Real Estate Inc. (MA, NY, VT)

– Managing Partner of Bishop West Real Estate LLC. (Florida)

– President of Bishop West School of Real Estate. A Licensed MA Real Estate School

– Managing partner of Interstate Investment Group LLC & Trifecta Properties LLC

– 2022 Berkshire County MLS Board of Directors

Community Involvement:

– Current President of the Adams Lassie Softball League & The Greylock Thunder Travel Softball League

– Current member of The Hoosac Valley Hurricanes Basketball & Baseball Booster Clubs

– Former Vice Chairman of the Town of Adams Conservation Commission

– Current Elected Town of Adams Meeting Member

– Past North Adams Rotary President

Email: [email protected]

 

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