This guide will cover how to determine what kind of house a consumer can afford by providing information on debt-to-income ratio, down payment amounts, closing costs, and financial loans.
GREENVILLE, S.C., April 7, 2022 /PRNewswire-PRWeb/ -- Del-co Realty Group announces the release of their latest resource "How to Know What Kind of House You Can Afford." In this informative guide, consumers will learn how to calculate how much house they can afford by considering several factors including their monthly income, amount of debt, and credit score.
Buying a new house first begins by knowing how much a consumer can spend on a residential property. Consumers need to look at their monthly income and debt-to-income ratio so they have a general idea before starting the real estate process. If consumers have a large amount of debt or a low credit score, they might not be able to obtain as large of a financial loan as they would like which could impact their budget. It's also important for consumers to determine how much cash they have ready for a down payment as the larger the down payment, the smaller the monthly mortgage payments.
According to Del-co Realty Group, "While it's good to be as ambitious as possible, make sure you can afford a home before you offer a bid on one." When determining a housing budget, consumers should typically spend around one-third of their take-home pay on their mortgage and other expenses associated with owning a house including maintenance and upkeep costs, homeowners insurance, and property taxes.
To learn more about how to know what kind of house a consumer can afford, please visit Del-co Realty Group here.
About Del-co Realty Group:
Founded in 1975, Del-co Realty Group has become a leader in the residential real estate market for Greenville, SC, and the surrounding areas. Del-co Realty Group provides quality and reputable real estate services to both buyers and sellers of residential properties.
Media Contact
Lisa Alexander, Del-co Realty Group, 864-915-8547, [email protected]
SOURCE Del-co Realty Group
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