closing costs

Many consider a two-million dollar property to be expensive, and it is. Obviously, the housing market is robust right now and will most likely remain so for some time. In light of this, purchasing a home for $2,000,000 or more is sensible if you have the means. And besides, price and rent increases are certain to continue due to inflation. Generally, you shouldn’t spend more than three times your annual gross income on a property. Helping people make responsible purchases is a component of the 30/30/3 rule for acquiring a property. Consequently, you must earn a minimum of $667,000 annually to purchase a $2 million home. You should also have sufficient money for a 20% down payment, or $400,000, and an additional $100,000 in cash reserves just in case of any unforeseen event. With the current cheap mortgage rates, you can […]