How Much Can You Really Afford Each Month? — Alee Dougl****


Follow this series to learn how to get the best mortgage for your specific financial situation and goals. You’ll see what steps you need to take throughout this process to make it productive and successful!

It’s all about what you can afford each month before you determine a price range!

As discussed last week, you need this amount so your lender can work backward to determine a correlating sales price.

That’s why your first step is to look at your monthly budget, which will help determine what your monthly mortgage payment should be. Then they can pre-approve you for an amount you’re comfortable with (and not necessarily a higher amount they say you can afford).

· Remember, it’s not helpful to know WHAT you qualify for (FYI lenders can qualify you for more than you want!).

· It’s helpful to know what YOU WANT to qualify for and what those numbers look like—both your potential monthly payments along with down-payment requirements.

If you do it this way, you won’t start looking at homes that are not in the price range that makes sense for your budget.

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