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At what price can I afford to buy a home?

At what price can I afford to buy a home?

The very first step in buying a home is to work with a Lender and find out the price you can afford to pay for a home. Your price or budget will depend on seven factors:

1. Your income
2. The amount of cash you have available for the down paymentclosing costs and cash reserves required by the Lender
3. Your outstanding debts
4. Your credit history
5. The type of mortgage you select
6. Current interest rates
7. Your willingness to commit to a payment schedule of a certain size

A mortgage Lender will analyze your income in relation to your projected cost of the home and outstanding debts and produce a conditional qualification letter that tells you what they can lend you on your home and any conditions that apply. Your Realtor® will submit that letter with any offers made to allow the seller to verify your qualifications.

Your Realtor® can help you find a qualified mortgage Lender and encourage you provide a written application and all material documentation to allow that Lender to speak highly of your credentials when the listing agent calls to find out about you.

Notice: This website contains general information about possible legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant or other professional legal services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional legal services provider