How Much House Can I Afford? 5 Factors To Consider

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

How much house you can afford to buy depends on various factors, including your income, the size of your down payment, any existing outstanding debts, and your mortgage interest rate.

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

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Before you jump into it, ask your lender to calculate and provide a comparison of the total costs of choosing one option over the other.

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

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In addition to your down payment, you will also need to pay closing costs.

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5. What Is the Impact of Taxes and Insurance on How Much House I Can Afford?

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Considering all these factors together will give you a reasonable estimate of how much house you can afford.

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SWIPE UP TO READ MORE ABOUT HOW MUCH HOUSE CAN I AFFORD? 5 FACTORS TO CONSIDER

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