Here’s my advice for determining your budget on a home purchase.
To answer the question of how much home you can afford, we need to take into account a few primary items. Your household income, monthly debts, and the amount of savings you have for a down payment are three of the biggest.
As a homebuyer, you want to have a certain level of comfort with your monthly mortgage payment. While your household income and monthly debts may be relatively stable, unexpected expenses and unplanned spending can impact your savings. A good rule of thumb is to have three months’ worth of payments in savings to allow you to cover your mortgage in the case of an emergency.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.