How Much House Can I Afford?

Things to consider when buying.

A home is one of the largest purchases you will make in your lifetime.

It's important to evaluate your financial situation before buying.

Here are some things to think about before starting your house search.

How much money down do I need to buy a house?

Striving for a 20% down payment will help you avoid private mortgage insurance (PMI).

What are my mortgage options?

Research what type of mortgage is best for your situation.

(i.e. 30-year fixed rate, 15-year fixed, adjustable-rate)

What numbers and ratios are important to lenders?

Make sure your numbers are satisfactory so you can get the lowest interest rate possible.

What are closing costs and how much money will I need for them?

Find out how much they are so you can factor that into the amount you will need at closing.

What is the impact of taxes and insurance on how much house I can afford?

Taxes vary greatly from one part of a city to another.  Research what yours would be in the area of your house search.

How do I get ready to buy a house after determining how much house I can afford?

Create a personal budget (and stick to it) so you can pay off debt and save money for your down payment. 

Tap below to learn more about determining how much house you can afford.