skip to Main Content

Can I Afford a Mortgage?

If you’re getting ready to start house shopping, you’ve probably taken a good look at your budget and wondered how much house you can afford. Maybe you’re asking yourself if you can afford a mortgage at all! There are a few factors to consider when deciding if taking out a mortgage to buy a home is the right step for you.

Can I Afford a Mortgage For a House

Rent vs. Mortgage

Depending on the housing market in your area, it may be cheaper to rent the same size home as it is to buy, or vice versa. This varies by area and can even fluctuate over time in the same area. Working with a real estate agent can help you stay knowledgeable about home trends and what is available. 

Extra expenses

When buying a home, the purchase price isn’t the only thing that you have to consider when deciding what you can afford. The current interest rate can also have a big impact on your monthly mortgage payment. Insurance costs and taxes are also included in your monthly mortgage payment in most cases. Called PITI (principal, interest, taxes, and insurance), this calculation is done at closing but you should have a good idea of what to expect early in the mortgage process.

You will also need some room in your budget to take care of maintenance and repairs. Owning a home often comes with added costs that would be covered by a landlord if you were renting.


Talk to a loan officer to see what you would qualify for but also compare this number against your own budget to decide what is best for you. Keep in mind that you don’t need to buy an expensive house, even if you qualify for it. Spending less can add some room to your budget for fun things like renovations, upgrades, and entertaining in your new home.

Coming from 15-years in the Hospitality industry, I have a passion for providing exceptional experiences, paying attention to the details, and, most importantly, taking care of people. As a Certified Mortgage Advisor, I strive to help my clients in building homeownership strategies that align with their goals. I’ve spent the last 3-years helping families all over the country with their home financing needs and helping them plan for a successful future. Born and raised in the Inland Empire, I share a home with my beautiful wife of almost 10-years and my little girl Eleanor.

Back To Top