Buying a home is a BIG step. It is said that buying a home is the single most important and largest purchase most people will ever make. So making sure you get your numbers straight when calculating how much you can spend on a house is critical.
Here’s a great video courtesy of Bank of America that provides great tips for figuring out what your home buying budget should be, including using your Gross Monthly Income, how your down payment will affect your purchase power including or excluding PMI (Private Mortgage Insurance) into your formula depending on the size of your down payment, your Debt-to-Income ratio, and other aspects to keep in mind.
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