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.
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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 Mortgage Resources Page to learn more, or contact us today. We’re here to help you get started.
Questions About Home Buying?
Talk to one of our mortgage professionals to learn more about financing your new home today.
Why Choose Park Square Home Mortgage?
Park Square Home Mortgage, LLC (“PSH Mortgage”) works directly with Park Square Homes for fast, reliable mortgage services. PSH Mortgage offers a wide array of competitive mortgage products with experience in every area of residential mortgage lending. We focus on providing our customers with industry best service and use cutting-edge technology to help you navigate through the lending process with ease.
Few things give you more pride than owning your own home – you will probably make no greater single investment in your lifetime. PSH Mortgage wants to help you make that dream come true. Contact us today and put our expertise to work for you! All information presented is for educational purposes only and not intended as financial advice.
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