When you have determined how much you are willing or able to spend on house expenses, make sure your mortgage lender agrees. You can go through a mortgage broker or through the financial institution of your choice. A few minutes with a loan officer and a credit check will let you pre-qualify for a mortgage. That means the financial institution will commit to a maximum they will loan you on a mortgage, and that lets you determine how much you can afford to pay for a house. Of course, the more you can put on the down payment, the more you can afford to spend on a home. (Don't forget to consider the other costs associated with closing the purchase, as well. (Planner attached)
Pre-qualifying for a mortgage will take a lot of the uncertainty out of house hunting, especially when you find that perfect home. As you prepare to make an offer, you will already know how much money the mortgage lender is willing to give you. (The mortgage company may still want to approve the specific house to make sure that the price you are willing to pay truly reflects the value of the property and that the property is in acceptable condition.)
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