How Much Mortgage Can I Afford?

Kate, how much in a mortgage can I afford? Can I afford a little or a lot? Tell me please!

**Super Kate Tip: Shouldn't you see your credit score?
Get your Credit Score from CreditReport.com - fast, free and easy!**

Ask Kate

Hi, my name is Kate Ford. I'm a retired mortgage broker who has helped thousands of people obtain mortgage financing.

For over 20 years, homeowners have been asking me these questions. Can I afford to buy a house? Kate, how much in a mortgage can I afford?

You may be wondering this too. But don't expect for a lender to know how much you can afford!

Calculating Mortgage Affordability - The Answer

Here's the answer to mortgage affordability although it may not be what you expect to hear from me.

You and only you know how much you can afford for a mortgage payment. Not your mother, not your accountant, not your co-worker, not your real estate agent, and certainly not your lender.

Please listen carefully. Many homeowners confuse how much they can afford with a lender's mortgage pre approval. Don't get caught in the trap of allowing a lender to determine if you can afford a certain mortgage payment.

Instead, ask yourself this question. Can I afford this mortgage payment?

Sidebar: You can see John's letter where he asked me about his friend's house payment How much in a mortgage can I afford followed by my answer.

One more sidebar: Holly asks about her fiance's Mortgage Affordability and why it doesn't seem his lender gives a hoot.

How much you can afford in a mortgage depends on your budget, where you want to live, the size of your family, your desires, and future plans.

• Do you support elderly parents?
• Are you getting married?
• Will you need to buy a new car soon?
• Are your children in private schools?
• Do you like to travel?
• Are you hoping for an early retirement?

These are important choices a mortgage pre approval won't consider.

How Much In A Mortgage Can I Afford - The Budget

So, make a budget including your necessities and your optional choices. Decide upfront how much you can afford in monthly house payments. Then stick to your budget.

After all, no one but you will be responsible in the years to come to pay the mortgage.

If a lender comes back with your mortgage pre approval to say you are able to borrow more than you anticipated, ask yourself this question. Can I afford this monthly payment? How much in a mortgage can I afford?

Tip: Looking for a way to increase your income and make your mortgage more affordable? Start something magical with SBI - a fresh and innovative way to create more income.

Mortgage Pre Approval - Take Your Next Step

A mortgage pre approval is your next step. But not before you determine how much you can afford in a mortgage payment. Keep asking yourself, How much in a mortgage can I afford?

After all, it's your mortgage and your home. No one cares about it more than you! You deserve the best!

**Super Kate is wondering if you know YOUR credit score?**

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