When people think about buying a home, one of the first things they worry about is whether their credit score or income is “good enough.” The good news? You don’t need a perfect score or six-figure salary to become a homeowner. But understanding the minimum requirements can help you plan smart and avoid surprises.
When you’re house hunting, one of the biggest questions you'll face is: How much home can I actually afford? This question isn’t just about mortgage calculators or pre-approvals—it’s about lifestyle, financial goals, and long-term peace of mind. Whether you're a first-time buyer or upgrading to a larger place, understanding affordability goes beyond the monthly payment.
The most important factor in deciding whether to refinance is your long-term plans with the home. If you plan to stay in the home for several years, refinancing could be a great way to lower your interest rate, reduce your monthly payment, or access home equity. However, if you’re planning to move soon, the cost of refinancing may outweigh the benefits.
Before starting your home search, the first step is to consult with a mortgage professional. They will assess your financial situation by looking at key factors like: