🏡💰 How to Determine Your Home Price Range 💸🔑
Calculate your income 💼
Monthly earnings from a job, investments, etc.
Assess your down payment 💲
Aim for 20% to avoid PMI
Check your credit score 📊
Higher score = better rates
Evaluate your debt-to-income ratio (DTI) ⚖️
Keep it below 43% for better approval odds
Use the 28/36 rule 🧮
Housing costs ≤ 28% of gross monthly income
Total debts ≤ 36% of gross monthly income
Factor in additional costs 📝
Property taxes, insurance, HOA fees, etc.
Get pre-approved 🏦
Gives you a clear budget to work with
Remember: What you can afford may differ from what you’re comfortable spending! 💡
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