When it comes to buying a home, the biggest question is, how much how can I afford? Well, Yates Realty is here to help you with answering that question. With many tools and experts available, we will work with you every step of the way and will help you figure out how much you can afford when it comes to your dream home.

One of the best ways you can figure out how much you can afford is getting pre-approved on a mortgage. To do this, you will go through a qualified lender and they will help you figure out how much you will be able to spend on a home.  

You can use our mortgage calculator to easily calculate a mortgage payment. To get to this, just press on the mortgage tab from any page on the website. This will give you a rough estimate of how much money you can put down for a down payment and how much monthly mortgage you will be expected to have.

When calculating how much you can afford, there are a few things taken into consideration. Gross monthly income, credit history, down payment amount and employment history are all factors that go into figuring out how much you can afford. You should not spend more than 36% of your monthly income on your home. Spending more can cause debt. The most common mortgage length is 30 years. Most lenders will calculate how much you can afford based on this 30 year plan. If you choose a plan that pays off in a smaller amount of time, your monthly income will be higher.

Depending on what you have going on in your life, including paying for college, a car or preparing for retirement, your mortgage can be reduced to what you can afford. Lenders never want you to go into debt because you can't pay your mortgage so it is important that you properly calculate what you can afford. Make sure you check out the mortgage calculator to help you figure out how much you can spend on a home! And remember, a home is always a great investment because it doesn't depreciate in value like a car does!

If you are interested in buying or selling a home in North Carolina and South Carolina, please contact us or give us a call at 704-232-7238. We would love to hear your comments, please share them below.