HOW MUCH HOUSE CAN YOU AFFORD?

Before you actually go and view homes available for sale, you need to find out exactly what amount of money the bank will approve as far as mortgage financing.

When you visit a lender, be prepared to disclose your monthly income and any debts you are making payments on. The bank will use these figures to determine exactly how much you can borrow for mortgage funds and how much that will cost on a monthly basis.

Keep in mind, though, that owning a home is very different from renting. If something breaks down, you are responsible for repairs. First-time buyers might not factor in the cost of a lawn mower or gardening equipment when trying to determine the true of cost of owning a home. If appliances are not included with the home, you will have to purchase them yourself. If you are going from an apartment to a house, you will likely need to purchase some furniture for your new place. The actual costs of the move must be factored in, too, whether you are renting a truck and moving yourself or hiring a company to help you.

Take the figure you are given by your lender and look at the whole picture. Take into account your fixed costs (mortgage, property taxes, utilities, groceries, insurance, etc.) and the things you purchase that can vary from month to month (entertainment, dining out, clothing, etc.). Try not to cut things too close – you don't want to be living in a big, beautiful house but scrimping on the groceries every week to make your mortgage payments!

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sincerely,

Patrick Zanders