How Much Can I Borrow for a Home?
Posted by NewBuyer on December 4, 2009 | No Comments
A concise, yet insightful look at determining how much mortgage you can afford. Learn that how much you can afford and how much the lender is willing to lend are calculated separately. See how the lender uses the information you provide to calculate your loan amount and interest rate (i.e. income, debts, credit score, down payment, etc.). Budget carefully and remember the additional costs of home ownership such as taxes, insurance, maintenance, and more.
The introduction to the resource: “How much you can borrow to buy a home is a factor of how big of a monthly payment you can afford. Your monthly payment is made up of the amount you are borrowing and the interest the lender charges you.”
Source: GetSmart
Read More About Mortgage Affordability at Newbuyer.com
Tags: mortgage approval
Filed Under: Mortgage
