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How Much Home Can I Afford? - Defining Your Personal Budget
The cost of home ownership is one of the most frequently asked questions by first time home buyers. The average real estate agent will tell you to contact their preferred mortgage lender, but Cathy Bureau will go beyond that.  This question has a direct and indirect facet so I will touch on both.
 
1.  How much will the lender let me borrow?
A mortgage lender will pre-qualify you based on your income, debt-to equity ratio, credit score, etc.  They will arrive at an answer of a monthly payment near 28% of your gross income subject to debt and credit score. They will provide and estimated GFE (Good Faith Estimate) - which breaks down the cost of acquiring the home such as appraisals, discount points, mortgage insurance, amount needed for down payment (Texas Housing Assistance may be applicable) etc.  That is a very important part of the process. But, it doesn't help you with the second facet.
 
2.  How will the home expenses effect my budget?
You need to know what the bank will lend to you, but you also need to understand the associated costs of home ownership and its effect  on your personal budget. There is a short-term ... more

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