How to set a budget for your new home
Whether you are purchasing a home for the first time or selling your current home to buy something new, budget should be one of your first considerations. Working with a trusted lender can help you determine what you can afford before you begin shopping.
Our lenders can also provide a pre-approval letter to make your offer more appealing to sellers. A general rule is you should not spend over 30 percent of your gross income on your mortgage payment. Your available down payment is also a factor in the total home cost you can afford. But setting a homebuying budget involves more than affording a monthly mortgage payment.
Owning a home comes with additional costs, such as insurance, utilities, maintenance, and property taxes. All these should be taken into account to assure you shop for homes you will be able to enjoy, with piece of mind that you will be able to maintain the payments and expenses.
You can get started by using our simple online mortgage calculator.
Once you are ready, reach out to our mortgage lending team! Our loan officers take the time to get to know your wants and needs, and help you understand every step of the process. We would be happy to work with you to figure out a budget you are comfortable with.