How Much Home Can You Afford?
Most home buyers don't really know what they can and can not afford to spend on a home. Why? Because the amount of money you will actually pay on your mortgage each month depends on more than just the amount of your mortgage loan. The interest rate and term of loan must also be considered. Don't be fooled by some of the mortgage calculators out there - they are only quoting you the principle & interest payment (P&I). It's extremely important for you to factor in other monthly homeowners fees such as taxes, insurance and homeowner association fees (HOA's) to get a more accurate estimate* of what you total house payment will be. If you have any questions, just call.
*The calculator above is provided as a tool to help you determine the total payment that you might possibly qualify for. Use of this tool in no way guarantees a loan amount or payment amount that you will qualify for. Depending on your loan and down payment, you may be required by the lender to carry mortgage insurance (MI) which can increase your overall monthly mortgage payment.
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Denver Area Mortgage Broker (New Homes Loans & Refinancing)