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Jim Mulligan,
REALTOR®, GRI |
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| What Can You Afford? |
 Now that you
have made the decision to buy your dream home, it is important to
determine what you can afford to purchase. Pre-approval from a
lender is the most important part of the home purchasing process.
Often buyers can use their pre-approved status as leverage during
negotiations.Lenders will look at your current budget (income, assets, and debts), and how much you can afford as a down payment. Lending options are too numerous to list, so it is recommended that you speak to your mortgage broker or lender to determine which lending program is appropriate for your situation. After all this is calculated, you can get pre-approved for a loan. This will tell you officially how much you can afford and what your monthly payments will be. Also, this tells the seller you can afford to buy their home. |
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