{"id":3930,"date":"2023-03-01T00:00:15","date_gmt":"2023-03-01T00:00:15","guid":{"rendered":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/?p=3930"},"modified":"2023-03-30T17:07:17","modified_gmt":"2023-03-30T17:07:17","slug":"can-you-afford-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/can-you-afford-to-buy-a-house\/","title":{"rendered":"Can You Afford to Buy a House?"},"content":{"rendered":"

Purchasing a home is a goal for numerous individuals, but it’s crucial to evaluate whether it’s financially feasible for you. There are several factors to contemplate when determining if you can afford to buy a house. In this article, we’ll delve into some of these factors.<\/span><\/p>\n

Your Income and Debt<\/b><\/h3>\n

Your income and debt play a major role in deciding whether you can afford to buy a house. The general rule of thumb is that your monthly housing costs should not exceed 28% of your monthly income. Additionally, your total debt-to-income ratio should be less than 36%. Your debt-to-income ratio is the amount of your monthly income that goes towards paying off debts, such as credit card bills and car payments.<\/span><\/p>\n

Your Credit Score<\/b><\/h3>\n

Your credit score is an important factor in determining if you can afford to buy a house. A good credit score can help you get a better interest rate on your mortgage, which can save you money in the long run. If your credit score is low, it can be difficult to get approved for a mortgage, or you may end up with a higher interest rate.<\/span><\/p>\n

The Down Payment\u00a0<\/b><\/h3>\n

Another factor to consider is the down payment. The larger your down payment, the lower your monthly mortgage payments will be. However, coming up with a large down payment can be difficult for many people. It\u2019s important to save up and plan ahead to ensure you can afford the down payment.<\/span><\/p>\n

Additional Costs<\/b><\/h3>\n

When buying a house, there are additional costs to consider, such as closing costs, property taxes, and homeowner\u2019s insurance. It\u2019s important to factor in these costs when determining if you can afford to buy a house.<\/span><\/p>\n

Buying a house is a big financial decision. It\u2019s important to carefully consider your income, debt, credit score, down payment, and additional costs when determining if you can afford to buy a house. By taking these factors into account, you can make an informed decision and avoid financial stress down the line.<\/span><\/p>\n

For more information, visit <\/span>UNITS of Wilmington.<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Purchasing a home is a goal for numerous individuals, but it’s crucial to evaluate whether it’s financially feasible for you. There are several factors to contemplate when determining if you can afford to buy a house. In this article, we’ll delve into some of these factors. Your Income and Debt Your income and debt play […]<\/p>\n","protected":false},"author":1,"featured_media":3931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-storage-and-moving-advice"],"_links":{"self":[{"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/posts\/3930"}],"collection":[{"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/comments?post=3930"}],"version-history":[{"count":0,"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/posts\/3930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/media\/3931"}],"wp:attachment":[{"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/media?parent=3930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/categories?post=3930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deb.unitsstorage.com\/wilmington-nc\/wp-json\/wp\/v2\/tags?post=3930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}