How Do I Know How Much Home I Can Afford?

If you are considering a home purchase, there could not be a better time to ask yourself the question of how much house you can afford. Housing prices are rising in many places all across the country and in some areas like in Seattle you may find yourself in a stiff competition with other buyers. There could not be a better time to assess what you can afford and what you truly want in a home.

 How Do I Know How Much Home I Can Afford?

How do you figure out how much house you can afford? There are many great mortgage calculators out there on a number of sites that deal in real estate including Zillow, MSN, and more. These are some of the questions that the calculator will ask:

 

When all of these things  are put into the calculator you will get a result of the amount you will be able to afford according to your income and expenses. Lenders will usually cap the maximum amount of your mortgage payment at 28 percent of your gross monthly income.

 

What Do You Do if You Can’t Afford the Home You Want?

 

 More for Buyers:

How to Find Great Real Estate Deals on the MLS

Why You Need to Know the Local Market Before You Buy

 The Best Way to Buy a House

The Very Best Tips to Buying a Fixer Upper in Western Washington

Best Little known home buying tips you need to know!

For more advice on buying and selling real estate in Washington state please browse our website. To find a network of experienced real estate agents across Washington look no further than Better Properties.

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