Here are seven all-important home-buying numbers to know.
But theres more to consider, he said.
While cost per square foot is an important metric, you should also consider the layout of the home.
No Interest Til Almost 2027?
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Interest Rates
Since most home purchases involve a mortgage, youll want to familiarize yourself with current interest rates.
This is the amount of debt you owe per month as compared to your gross monthly income.
Gelios says lenders typically view any DTI above 40% as high risk, and with good reason.
A down payment is the amount you contribute to the transaction in cash, said Forte.
The old rule of thumb on home purchases was to put down 20%.
If that sounds like a lot of money, it is.
(Home price $250,000, time 20% = $50,000.
For many buyers, a 20% down payment just isnt feasible and thats okay.
Take some time to calculate what your monthly mortgage payment will be based on various down payments.
That way youll know exactly what to expect andhow much of a down paymentyou should aim to save up.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
