What can you really afford?

Should you buy or keep renting?

It’s important to understand the difference between what you can afford and what you’re qualified for from a lender.

While lenders may approve you for a certain amount, that doesn’t necessarily mean that you can comfortably afford the monthly payments that come with it. Your personal financial situation and lifestyle choices will play a big role in determining what you can realistically afford.

Take a look at your budget and consider how much you can comfortably afford to put towards a mortgage payment each month without sacrificing your other financial goals and commitments. This will help you determine a price range for your home search that fits within your means.

Remember, buying a home is a big investment and you want to make sure it’s one that fits your financial situation now and in the future. Don’t stretch yourself too thin just because a lender says you can. Do your own calculations and find the right balance for you but also remember that typically homeowners have a much higher net worth than renters.

Ready to start house hunting? Let’s chat about your options!