How Much Home Can I Afford?
How much home can I afford? This is a common question when starting the home buying process. What is my purchasing power? It is always best to talk to a lender about your purchasing power, credit and job history. However, this nifty calculator will give you an idea of what you can afford based on your monthly income and monthly debt. Your R. Alexa Group real estate agent can provide you with a list of local lenders so you can begin your pre-approval process.
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. You will need 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 these days will not consider a buyer without a pre-approval from an accredited lender.
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Monthly Debt and Obligations Should Include: