Tips on buying a home - how much can I afford?
The best way to start your home buying search is to be as informed as possible on your buying capability. The best way to find that out is to first speak with a lender. They will pull your credit & let you know how much you can afford. Based upon your credit rating & income, you may be eligible for different loan programs & interest rates. If all looks good, you will be issued a pre-approval & from there you are ready to take action with your realtor to start looking for properties based upon proper information.
Dora
9:48 am on Friday, November 16, 2012
Speak with a lender? LOL, great advice Susan. Got any more.
Susie Scheuber, Broker with Coldwell Banker Honig-Bell
3:53 pm on Friday, November 16, 2012
Thank you Dora, it is great advice! Surprisingly, I run into buyers everyday who do not know how much they can afford and they ask me, "What is the first thing I need to do to get started?" Knowing what you can afford is key to making your home search much more productive.
Don
4:40 pm on Friday, November 16, 2012
Letting someone who is loaning you the money tell you how much you can afford to borrow is generally a bad idea and it's how we ended up in the housing market we are now. Though it is true that there are more safeguards in place to prevent overlending, it can still happen.
If you are truly worried that you may be looking at too much house, consult with an independent financial advisor who isn't trying to sell you a mortgage loan product.
After all, the more the mortgage officer loans, the more commission she or he makes, so they generally aren't always looking out for your best interests.
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