Buying a home is the biggest financial decision you can make. Knowing your budget and how much you can afford to spend on a home is a critical – dare we say the most important – piece of information you can have going into the homebuying process.
So how do you know how much you can afford? Take into consideration these items listed to determine what your homebuying budget looks like.
Find out what you can afford
Use our online pre-approval tool to see how much you can afford.
First, you’ll need to gather some information about yourself:
- Your monthly income
- Monthly expenses and how much debt you owe each month
- How much you have saved for a down payment and closing costs
Then, you’ll need some information about the home you want to purchase:
- The price of the home you want to buy
- How much money you need for a down payment
- The length of the loan and current mortgage interest rates
Once you have a good grasp on these numbers, you’ll be able to estimate how much money you have each month for a mortgage payment. You can also use our mortgage calculator to see what home prices are within your budget!
Now that you know what you’re working with, are you ready to start the home search? Get in touch with one of our mortgage professionals to begin your homebuying journey! Owning a home could be the best decision for you and your family. If you think buying is the next step for you, visit our Purchase Page to learn more, or contact one of our mortgage professionals today. We’re here to help you get started.
Why Homeowners Mortgage, LLC?
At Homeowners Mortgage, LLC we believe that the dream of homeownership can be a reality. Our mission is to support you and give you confidence throughout your homebuying journey. From our first meeting to closing day, we’ll provide the tools and resources to make the home loan process simple and stress-free. As a joint venture with FBC Mortgage, LLC and Great Southern Homes, we are able to deliver award-winning service and proven expertise in new construction lending. After all, it’s not only a new home, it’s an important investment that will have a significant impact on your family for years to come.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At Homeowners Mortgage, LLC, we’re dedicated to helping you finance your dream home.
All information presented is for educational purposes only and not intended as financial advice.
Conforming Loan Limit Increase for 2023
The Federal Housing Financing Agency has recently announced that the new conforming loan limit for 2023.
Opt Out of Firm Offers of Credit or Insurance
Many buyers find that applying for a mortgage can trigger an influx of marketing from other companies trying to win their business. Fortunately, there are ways to prevent this flood of offers from overwhelming you during an already stressful time.
Mortgage Numbers That Matter
Whether you are a first-time home buyer or an experienced one, there are three numbers that will help determine the type of mortgage you qualify for. Let’s learn more about the mortgage numbers that matter.