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Found 1 entry for April, 2020.

How Much House Can I Afford?

Buying a home is usually the most expensive purchase people make in their lives. It is considered to be a symbol of success which signals to others that you are getting closer to fulfilling the American dream. Knowing that buying a home is a big financial and psychological commitment, finding out how much you can afford should be your #1 priority.

To start your home buying journey, you need to be mindful of the following four things:

  1.     Establish your priorities

o   Make a list of your ideal home (features, location, type of property, age, square footage)

  1.     Calculate how much you can afford

o   Use the 28%/36% rule

o   Know your debt-to-income ratio (most lenders prefer a DTI under 36%)

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