How Much Home Can I Afford?
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How Much House Can I Afford?

Buying a home is an exciting time for many, as homebuyers shop with their families and futures in mind. You’re looking for a secure and comfortable home with all the amenities you desire, but the biggest determining factor for any homebuyer is often the cost of the home. Knowing how much you can afford is a great first step to eliminate some anxiety by allowing you to narrow down your choices, and thus ensuring you won’t fall behind on mortgage payments.

Home buying factors to consider

In order to estimate how much you can afford, some of the things you need to consider are your debt-to-income (DTI) ratio, the size of your down payment, property taxes, homeowners insurance and private mortgage insurance (PMI).

These are just some considerations to keep in mind when estimating what type of home you can afford. Getting pre-qualified or pre-approved for a mortgage loan before shopping for your new home is important to help determine how much of your income will go towards your monthly debt expenses. Learn more about the mortgage loan options and get pre-qualified.

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