Buying a home is a major financial commitment, and knowing how much house you can afford is key to making a smart purchase. This practical guide will help you assess your budget, understand mortgage options, and make informed decisions as you consider whether to purchase a home. Whether you're a first-time buyer or upgrading, this guide offers essential tips to confidently determine your budget.
For informational purposes only. Always consult with a licensed mortgage professional or financial advisor before proceeding with any real estate transaction.
How to Find Out How Much House You Can Afford
- Your total debts should not exceed 44% of your gross income.
- You should spend no more than 32% of your gross income on housing.