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!

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.

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?

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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!

Unique Mortgage Tips and Solutions From Kate

Discover Kate's Best Mortgage Blog today. Keep up to date on what's new about mortgages and additional tips to unlocking the secret code of mortgage lending.

Where to find your best best mortgage advice or not!

What to do if your mortgage loan approval begins to hiccup.

How much can you afford in a mortgage payment and why your lender doesn't know.

Eliminate guess work and last minute surprises from buying a home with mortgage pre approval.

Discover how to compare mortgage closing costs to get the best rates for the least cost.

Why you should always compare mortgage interest rates - Because the lowest rate may not be your best deal.

How to know when to lock mortgage rates - You deserve reliability and peace of mind, don't you?

This expert online mortgage advice is guaranteed to make you a savvy mortgage shopper.

Nitty gritty mortgage interest rate lock agreements and why you also need a good faith estimate.

Ask Kate For Solutions - Ask a question to get an answer from Kate.

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