How Much of a House Can You Afford?

How Much of a House Can You Afford?

The most important element of buying a house is trying to figure out how much you can actually afford. You do this by looking at your budget, credit reports, credit reports and scores. Once this is all figured out, you need to save as much money as possible for a down payment, closing costs, home inspections, and anything else that would be an expense in the process.

Getting ready financially could take months or even years. Your credit score will tell you a lot about how long it will take. If your score is lower than preferred, you may need to take some time to build it up. If your score is below 620, lenders will see you as a risky borrower, and are less likely to loan money to you or give you a high interest rate. However, if you do qualify for a low interest rate, you will be saving a great deal of money over the life of the loan. Good luck figuring out how much of a house you can afford!

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