Determining How Much House You Can Buy

Determining How Much House You Can BuyIf you want to know how much house you can buy in Irvine, CA, use this guide.

Congratulations! You’re ready to buy a house, moving from the transient (and expensive!) life of a renter to the equity-building life of a homeowner.

Now you just have to decide how much how you can afford. To help you determine how much house you can buy, here are a few things you need to consider.

  • It’s a good idea to use the available resources. There are plenty of online mortgage calculators you can us, and lots of information out there to guide you. Take advantage of as much of it as possible, and you’ll have a clearer idea of what you can afford.
  • You really want to buy a home, and that’s great! It doesn’t mean that you should throw conservative financial wisdom out the window, though. Just because you get preapproved for a certain mortgage doesn’t mean you can actually comfortably pay for it. Be realistic and compare how much you’ll pay for your mortgage against how much you’re paying for housing now.
  • It’s important that you do the math and tally up all of your homeownership costs. Factor in homeowners association dues, maintenance costs, and taxes. Compare that against how much you’ll have to pay for your down payment and your ongoing financial goals—like saving or investing—to make sure the numbers check out.

You can crunch the numbers yourself, or you can talk to an expert who can give you an exact idea of how much home you can afford. To talk with a professional about how much house you can buy, and then get the mortgage you’ll need to do just that, contact Avis Lending. With offices in Irvine, California and Lahaina, Hawaii, we’re here to meet all of your West Coast mortgage needs.

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