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Can I afford to buy a house?
Are you thinking about buying a home? The first thing to consider is whether you can afford it. It's a big step, so being in a good financial spot is key. You should also consider how much you might need for a deposit, what you can borrow based on your income, and other costs when buying.
When you plan to buy a house, home affordability depends on two things:
a) Down-payment amount
b) Size of loan you can pay
Following are some assumptions based on which you can find out how much you can afford to buy a house:
Importance of Credit Score
A credit score predicts how likely you are to repay a loan on time, using info from your credit reports.
Your credit score matters a lot. It's not just about getting approved for a mortgage; it also impacts how much you pay each month. That's why boosting your credit score before applying for a mortgage is crucial. Check out some tips on improving your credit score before you go for a mortgage.
Eligibility
Before you apply for a home loan, it's important to see if you qualify. Banks and lenders look at things like your income, age, credit score, and any other debts you have. You can use a home loan eligibility calculator to figure out how much you might be able to borrow based on these factors.
