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Host: How do I know how much house I can afford?
Jeff Thomas: That's fairly easy but because your mortgage advisor is going to look at your income, they’re going to look at your debts and they are going to look at your credit. They look at your credit because that's going to point to you to a particular program and maybe in a particular rate. They are going to look at your credit because that's going to tell them how much money is going out each month.
Then they are going to look at your income to see how much money is coming in each month. The first question that I believe that your loan officer would ask you with, how much money do you want to pay each month for your mortgage payment?
Once you have your mortgage payment narrowed down, they can work backwards from that number to come up with a home value. Once they have that home value, you’ll know is it a $200,000.00 home or is it a $300,000.00 home?
Once you have that information, you’ll be able to readjust your figure either up or down, either based on your income or based on what you wanted to pay each month.
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