| If you are buying your first home you will find out that it | | | | expensive home if you like. That is much better then |
| is a very long and detailed process. You will have to | | | | starting with a home that's too expensive. |
| show the bank your financial statements, proof of | | | | Make sure you look at a banks website or call before |
| income and credit history in order to get a mortgage | | | | using a random interest rate. The interest rate can |
| with them. | | | | change the amount of you mortgage payment by a lot |
| So before you go and ask the bank how much you | | | | so it is best to know a rough idea of what it will be. |
| can afford for a monthly mortgage payment I suggest | | | | Any free mortgage calculator can help you do the |
| you figure it out yourself first. If you don't the bank will | | | | calculation that you need to figure out your monthly |
| approve you for less because they aren't positive | | | | payment. |
| what the taxes, insurance and condo fees will be. | | | | Having the knowledge of where you stand financially is |
| You should use a mortgage calculator with the current | | | | very important when you go to the bank. If the bank |
| interest rate to get an idea of an affordable mortgage | | | | starts asking you about different types of loans and |
| based on your available income. The amount of taxes | | | | interest rates you will be much more aware of what's |
| you have to pay is based on the home and the town | | | | going on and how to answer them correctly. You don't |
| or city it's in, so I can't give you an estimate. However, | | | | want to be clueless when you go or the bank will end |
| you should look at a few homes that you figure are | | | | up making the decisions for you and who knows if |
| well within your range and go from there. If you start | | | | they will be the right ones. |
| small you can keep working your way up to a more | | | | |