From: SKN Real Estate
How much of a mortgage loan can I afford by borrow when buying a home? This is one of the most common question among first-time home buyers, and with good reason. If you take on a bigger monthly payment than you can afford, you could become another foreclosure statistic. And that’s bad for all parties involved — for you, for the bank, and even for the economy.
So let’s talk about how you can determine the amount you can afford, before you even start talking to mortgage lenders.
Lenders Cannot Tell You What You Can Afford
Many home buyers wrongfully assume that a mortgage lender will help them determine their affordability level. That’s not the lender’s job. It’s yours, as the borrower.