How Much House Can You Afford? 5 Factors To Consider

Congratulations on starting your home buying journey. It’s an exciting time to be looking for your dream home or starter home.

You probably have mood boards and dream boards filled with all the decore you want to add to your new space but there’s always a question that looms as we start looking for that perfect place to call home. How much house can you afford?

That is a question many home-buyers ask themselves when they are in the process of buying a new home

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How Much House Can You Afford? 5 Factors To Consider

The required down payment amount will depend on various factors, including the terms your mortgage lender mandates, the type of mortgage loan you get, and how much money you have saved up.

1. How Much Down Payment Do I Need To Buy a House?

Applying for a Mortgage: Conventional Vs. Portfolio Lenders

There are several types of mortgages, including 30-year fixed-rate loans, 15-year fixed-rate loans, and adjustable-rate mortgages, where the interest rate changes after every 3 to 5 years. Talk to your lender about all your options.

2. What are the Various Types of Mortgage Options?

3. What Numbers and Ratios are Important to Mortgage Lenders?

Now that you have decided on your down payment and mortgage, the next step in calculating how much house you can afford is to figure out your debt-to-income ratio (DTI).

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