How Much In A Mortgage Can I Afford?

How Much In A Mortgage Can I Afford?

Kate, how much in a mortgage can I afford? Tell me please!

Hi, my name is Kate. I'm a retired mortgage broker who helped thousands of people obtain mortgage financing. For over 20 years, I was asked...Can I afford a mortgage? Kate, how much in a mortgage can I afford?

You may be wondering that too. Are you expecting a lender will tell you how much you are able to afford in a mortgage?

The Answer Is In Your Questions

Here's the answer...but probably not the one you expect. 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. Don't confuse how much you can afford in a mortgage with a lender's mortgage pre approval. Don't get caught in the trap of letting a lender determine if you can afford a certain mortgage payment. Ask yourself...can I afford a mortgage payment this high? How much in a mortgage can I afford?

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

So, make a budget including your necessities and your optional choices. Decide upfront how much you can afford in a mortgage payment. After all, no one but you will be responsible for that mortgage payment. If a lender comes back with your mortgage pre approval to say you are able to borrow more than you anticipated, ask yourself...can I afford this mortgage payment? How much in a mortgage can I afford?

Hoping to afford more? Here's SBI - a fresh and innovative way to create more income.

Another way to afford a mortgage is to create passive income with a hobby or interest that you enjoy.

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!