Before jumping into the home search, you’ll need an idea of how much home can you afford. For an accurate picture, take into consideration your income, debts, future housing costs and your available downpayment. Here’s how.
So… you think you’re ready to dive into the housing market and purchase a new home. Congratulations! Now, what?
It’s time to start looking at what’s available on the market, right? Actually, wrong.
Before you begin to search for homes that are for sale in your desired area, you need to have an accurate grasp on just how much house you can afford. Why should you go through all the trouble of finding a home and falling in love with it, only to find out that you ultimately cannot afford it?
If you’re new to the home-buying process and don’t even know where to begin to figure out how much house you can afford, don’t panic. There are various online mortgage affordability calculators that will help you determine what you can afford.
Just like many lenders do, these online mortgage affordability tools take several aspects of your financial picture into consideration. Among three of the most important things to consider when determining how much house you can afford are your income, debts and future housing costs. Read full article on thepreferredrealty.com