01/19/2024
The first and most important step in this process - finding out how much house you can afford.
Period.
End of story.
The good news is we are seeing rates decline.
The bad news is that this is helping more buyers and the market is heating up.
I am not a mortgage expert but I know a few 😉
Please consult with them but your mortgage payment should not exceed 28% of your gross monthly income. This includes principal, interest, taxes, and insurance…
Your credit score plays a significant role in determining the interest rate you’ll qualify for. A higher credit score can lead to lower interest rates, which means a more affordable mortgage payment.
Lenders will look at your debt-to-income ratio to determine if you can comfortably handle the mortgage payment alongside your existing financial obligations.
So, before you start envisioning yourself in a beautiful new home, take some time to assess your finances and determine how much house you can realistically afford. This will make the process smoother and more enjoyable for everyone involved.
Need someone to call. I got names for you!