If you’re considering buying a home, the first step is to determine exactly how much you can afford. There’s a lot to consider beyond the purchase price. Things like monthly utility bills, homeowner’s insurance, maintenance and other expenses should all be factored in. More importantly, a mortgage lender will want to know your credit score, income, how much you have saved for a downpayment and other facts about your financial picture. For a great review of mortgage affordability factors, take a look at this article published in the Philadelphia Inquirer, by Reed Karaim of Interest.com
Tags: budgets, buying a home, interest.com, mortgage affordability, mortgage lenders, Philadelphia Inquirer
