A low interest rate can be great, but it’s not the only thing that decides if a home fits your budget.
You can get a low rate on a home that is still too expensive. If the monthly payment is too high, the home may not be right for you.
So don’t just ask:
“What interest rate can I get?”
Also ask:
“Can I comfortably afford this payment every month?”
To answer that, we need to look at the full cost:
Home price
Down payment
Property taxes
Home insurance
HOA fees
Possible help from the seller
In some cases, the seller may be able to help pay part of your closing costs.
A low rate is great, but a payment that fits your life is even more important.