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14 Feb

Mortgage Shopping: How Do They Know What I Can Afford?

Posted February 14th, 2008 | View Comments

Most mortgage brokers will have software that they can plug in your income numbers and outstanding loans (as in loans you owe, not fantastic loans) and come up with a pretty good idea of what you can afford – in terms of home price and monthly payments.

However, it is always a good idea to take those numbers home and sleep on them so you know exactly how much you will be paying and if you can afford it month after month for about 30 years.

You can refer to this earlier post with mortgage calculators to get a better idea and calculate for yourself.

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    Definately use the mortgage calculator to figure it out. Once your ready see several lenders and see how much you qualify for and get preapproved. Then you will be best ready to go look for what you can afford. Always be honest with your info and that will allow you to best get the loan that fits your financial needs. Be an informed consumer and research everything and ask lots of questions and hire and real estate attorney for ease of mind.

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