You called your lender. He told you you qualified to buy a home for 275,000. You were told you had a great credit score and that you could go look at houses!! Great! BUT, I want you to make sure that you ask one more question of your lender. Ask him what your monthly mortgage payment will look like if you buy a house at that price. He can give you a rough idea, using taxes from the county you are searching in and knowing what kind of down payment you have saved.
Why do you need to ask what your monthly payment might be? Because your lender doesn't ask you if you need diapers for 6 kids. He doesn't know if you have no furniture. He is totally unaware that you must have a weekly date night or your mate will leave you!! In other words, he didn't ask you about the things you LIKE to have money for each month. He does not care!!
If the lender gives you a rough idea of what your monthly payment will be at 275,000 and you do not throw up, then we are on the right track. If you are weak in the knees, then we need to lower that Home price so that we can get your mortgage payment down where you are comfortable and your mate and kids are happy.
We are getting really close to meeting in person. We really are.......
