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How Much House Can I Afford? What Every Homebuyer Needs to Know
The question, how much house can i afford, is one where a lot of people have gone wrong in calculating their house affordability. Unfortunately if you get this wrong, it can end up ultimately ending in foreclosure. You need to fully understand how much a house will cost not only upfront but long term as well. To make sure that you can afford not only to get into your house but you can actually afford to live there. I have outlined some tips below. You will find a mortgage calculator and affordability calculator here as well.
Home Affordability Guidelines to Follow
Before you begin the home buying process, it's important to determine exactly how much money you can afford to spend on your new home. Knowing this information upfront can save you a lot of time and effort and is one of the keys to long-term successful home ownership. Here's how. To determine how much you can realistically afford you'll want to determine how much you'll have for a down payment. In general, you will need to have at least 10% of the homes price for a down payment. If you want the best loan terms, you should plan to have at least ... more
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