Estimating How Much Home You Can Afford
It's the question you need to ask yourself before you even BEGIN your new home search. It's the most important factor in determining what kind of home you can secure, and where you can begin to look. It's a crucial consideration for first-timers and veteran home buyers alike.
How much can you afford to spend on your next , or first , home?
Primary Rule , Annual Income
Most experts would advise you to follow a basic rule to determine your "home buying power" , multiply your annual gross income by two and one-half. Several factors may raise or lower this number, but it is a good baseline to use as an estimate when beginning your home search. Using this rule, you can predict the amount for which you will qualify when see...
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