Calculating Your Comfort Zone: How Much Home Can You Afford?

Ever wondered how much home you can afford? 

When you apply for a mortgage, a lender can give you a preapproval amount, but here’s a key piece of advice: you should also feel comfortable with that amount. 

Making a Budget: 📊 Consider trying the Rachel Cruz or Dave Ramsey Zero-Based Budget method: List all your monthly income. List all your expenses – giving, saving, food, utilities, housing (rent or mortgage payment), transportation, insurance, and everything else. If needed, review last month’s bank transactions. Subtract your expenses from your income until it equals zero – this is your zero budget. It’s not just about deals and coupons; it’s about ensuring everything is within your budget, including holidays, birthdays, movies, coffee, etc. 

Track your expenses using apps like EveryDollar. Budgeting for Your Mortgage: It usually takes around 90 days to fine-tune your budget, so keep tracking expenses. Make a budget for your new mortgage payment before getting preapproved. This ensures you know what you can comfortably afford. Remember, a home should be a source of joy, not financial stress. 

As the leading local mortgage broker in Flagler County, FL, I’m here to offer free guidance on budgeting, credit help, and home buying. Follow, subscribe, like, and share with your friends. If you know anyone looking to buy, sell, or refinance, send them my way or give me a call. Using a local mortgage broker ensures a smoother journey in the real estate world! 

🌐🔍 #HomeAffordability #BudgetingTips #MortgageBrokerInsights