How Much of a Home Loan Can I Afford?
Posted by NewBuyer on December 16, 2009 | No Comments
A essential warning to help first time home buyers avoid taking on a mortgage that they cannot afford. The resource emphasizes that mortgage lenders can only tell you how much they can lend you, not how much you can afford. Additionally, help is offered on how to create a buying budget and how to effectively use a mortgage calculator.
From the resource: “‘We figured we could afford the payments since the lender approved us for that amount. Turns out we were wrong.’ I can’t tell you how common this statement is. It happens all the time, and it’s one of the most common scenarios that lead to home foreclosure.”
Source: Arming your Farming
Read More About Home Affordability at Newbuyer.com
Tags: mortgage rates
Filed Under: Home Buying
