💰 How Much House Can You Afford? Let’s Break It Down! 🏡

💰 How Much House Can You Afford? Let’s Break It Down! 🏡 Hi friends, Ashton here, your Home Loan Girl in South Carolina! If you’ve been wondering, “How much house can I afford?”—this video is for you. Today, I’m breaking down how to calculate your budget so you can start your home search with confidence and avoid overextending yourself. ✨ What You’ll Learn: 1️⃣ Understanding Your Monthly Budget: • The 28% Rule: Your housing payment (mortgage, taxes, and insurance) should be no more than 28% of your gross monthly income. • Pro Tip: Factor in other expenses like car payments and loans to keep your budget realistic. 2️⃣ The Role of Debt-to-Income (DTI) Ratio: • DTI = (Monthly debt payments ÷ gross monthly income) × 100. • Lowering your DTI by paying off debts can boost your buying power. 3️⃣ Down Payments and Closing Costs: • Down payments typically range from 3–5% for most loans. • Pro Tip: Ask about South Carolina’s down payment assistance programs for first-time and move-up buyers. 4️⃣ Using a Mortgage Pre-Approval to Set Your Budget: • A pre-approval gives you a clear price range and shows sellers you’re serious. • Pro Tip: Your pre-approval is the maximum you qualify for—not necessarily what you should spend. 5️⃣ Understanding Total Monthly Costs: • Includes principal, interest, taxes, insurance, and possible HOA fees. • Use my online mortgage calculator or mobile app for accurate estimates tailored to South Carolina rates! 💬 How Can I Help? • Guide you through your pre-approval to determine your buying power. • Provide breakdowns of monthly payments for various price ranges. • Explore options like VA loans or down payment assistance to maximize affordability. 🏡 Knowing your budget is the first step toward your dream home. Let me guide you every step of the way to make homeownership a reality! 👉 Don’t forget to LIKE, SUBSCRIBE, and SHARE this video with someone ready to start their home-buying journey. 💬 Questions or need help? Contact me directly—I’d love to assist!