How Much Home Can I Afford?
Determining how much home you can afford is a critical step in the homebuying process. It involves assessing your financial situation, including your income, debts, and expenses, to establish a realistic budget for your mortgage payments.
Understanding your affordability is essential for several reasons. First, it helps you avoid overextending yourself financially and taking on a mortgage that you cannot afford. Second, it enables you to focus your home search on properties that align with your financial capabilities.
