How Much Home Can I Afford?
Are you ready to buy a home and want to know how much home you can afford? This is a common question when starting the home buying process. It is best to talk to a lender about your purchasing power, credit and job history. However, this affordability calculator will give you a glimpse of what you can afford based on your monthly income and monthly debt. An R. Alexa Group real estate agent can provide you with a list of local lenders so you can begin your pre-approval process or feel free to talk to your banker.
A pre-approval means the lender has checked your credit and verified your income and debt to determine the specific loan amount and down payment needed to buy a home. You can prepare by gathering documents like paystubs, W-2’s, bank statements to get started with a lender pre-approval. The pre-approval will give you buying power in a competitive market. In this highly competitive real estate market, sellers will not consider a buyer without a pre-approval from an accredited lender.
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Monthly Debt and Obligations Should Include: