Buying The Max
I want to buy a new home and want to know how much house can i afford?
The easiest way is to call up a mortgage lender and ask them pre-qualify you for a loan. This is by far the simplest and easiest approach in determining how much of a mortgage loan you'll be able to get, which in turn will help you determine how much house you can afford.
The mortgage lender will need some basic information to pr-qualify you, like how long have you been on your current job, the amount of your income and other assets, who do you owe, how much do you owe them, etc.
Most importantly, they'll need your social security and date of birth to verify the information you provide and to do a credit history check. Specifically, they'll be looking at your history of paying on your debt. Do you have a history of no to low payments.
In the end you need to be realistic about the amount of money yo borrow to buy the home. As you know from rent history, the credit markets can change overnight, so even if you can afford a $300,000.00 dollar mortgage loan doesn't mean that you have to finance that much.
Summarily, be careful about the size mortgage you get. Just because you can qualify for a $400,000.00 mortgage loan shouldn't mean that you finance that amount.
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