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What price can I afford to buy a home?

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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. Cash available for a down payment, closing costs, and cash reserves.
  3. Your outstanding debts.
  4. Your credit history.
  5. Type of mortgage.
  6. Current interest rate.
  7. Your willingness to commit to a payment schedule of a certain size.

A mortgage Lender can analyze your income, debts, and cost of the home to produce a conditional qualification letter. The letter tells you what they can lend and any conditions that apply. Your letter accompanies your offer to the seller to verify your qualification.

You must make the effort for a written application with all documentation. Your lender can speak highly of your credentials when the selling agent calls to find out about you.

Notice: This website contains general information about 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 services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional services provider.