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How Much Can I Afford?
You can save yourself a lot of time if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly gross income (that’s your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you’ll be able to afford. There are many different kinds of mortgages available to you. Read about them, and make sure you understand the pros and cons of each. Use our loan calculators to see how much you can afford in a mortgage payment.
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