How Much Home Can I Afford?

To answer this question, lenders look at all the elements that make up your financial profile: Your credit history, the cash you have available for a down payment and/or reserves, your income, and the amount of your other financial obligations. Then, taking the current interest rate on the mortgage program you have applied for into account, a lender can give you an idea of how much they would be willing to lend you. By adding this figure to the funds you plan to use for your down payment, you will know the price range of homes you will be able to afford.