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To determine how much you can afford monthly when buying a new home, several factors must be taken into account:

your monthly income, your monthly expenses, available funds to use towards closing costs and down payments, and your credit profile. When determining your monthly expenses, do not forget to include credit card payments, phone bills, student loans, groceries, insurance payments, and any other continuous monthly payments you make. For new homebuyers with a good credit score, the amount they can borrow to help pay for a new home will increase and take off some of the initial burden of paying for a home.

One good rule for determining how much you can afford when buying a home is to divide your monthly income by the monthly expenses it would cost to purchase that house. The monthly expense number should total no more than 36% of your monthly income, if it does, you may need to lower your price range.

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