How Much House Can I Afford?

How Much House Can I afford?

 Purchasing a home is one of the most significant investments you will make in your lifetime. 

How Much House Can I afford?

You must take the time to define a budget and carefully evaluate your financial situation before you start looking for your new home. Here are some factors you need to consider. 

Down Payment

The required down payment amount will depend on various factors, including the terms your mortgage lender mandates and the type of mortgage loan you get

Mortgage Options

There are several types of mortgages, including 30-year fixed-rate loans, 15-year fixed-rate loans, and adjustable-rate mortgages 

Lender Criteria

What numbers and ratios are critical to mortgage lenders? This might include debt-to-income ratio, net worth, and credit history. 

Rule of 36%

A debt-to-income ratio greater than 36% is considered high-risk for lenders and may make it difficult for you to get the best interest rate. 

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