Two Simple Steps to Find Your Price Range
Buying a home is exciting—but knowing how much you can afford is the first and most important step. Let’s break it down into two simple parts.
💰 Step 1: Know Your Down Payment & Closing Costs
Forget the old rule that says you need 20% down. Today, you can buy a home with as little as 3% down! You’ll also need to budget for closing costs, which usually run about 2–3% of the home’s price. These cover things like:
- Appraisal fees
- Title insurance
- Legal and recording fees
To play it safe, budget for about 6% of the home price total.
🧠 Smart Strategies to Consider:
- Down Payment Assistance Programs – There are a ton of options available that might help cover your down payment. I have access to programs many buyers don’t even know exist!
- Seller-Paid Closing Costs – Instead of asking for a lower price, many buyers are negotiating to have sellers cover their closing costs.
📞 Want to explore your options? Reach out and I’ll walk you through it.
🏠 Step 2: Estimate Your Monthly Payment
Your monthly housing cost includes more than just your mortgage. It also covers:
- Property taxes
- Homeowner’s insurance
- HOA dues (if applicable)
A good rule of thumb: Your total monthly housing cost should be no more than 30% of your gross monthly income. All your monthly debts combined (including car loans, credit cards, etc.) should be no more than 45% of your pre-tax income.
🧾 Yes, rates and home prices are higher right now—but so is rent. When you own your home, you can lock in a fixed mortgage payment that won’t rise with inflation like rent does.
💡 Quick Tip:
The best way to know how much house you can afford is to speak with a trusted mortgage professional. I’ll help you run the numbers and find a game plan that works for you—without the guesswork.
📲 Contact me today and let’s find your sweet spot.