Although we haven't started looking DH and I don't seem to be on the same page for how much $$ we can spend on a house. For those who are looking or already bought a house how did you figure out a price range. Is there some kind of formula to go by based on income, savings?
StepherG
Posted:
Member since
Re: Finding your price range
The best way to start is get a pre-qualification from a bank. They will take basic info from you and tellyou how much you would be able to get for a mortgage. That will pretty much tell you your price range.
september2004
Posted:
Member since
Re: Finding your price range
Posted by StepherG
The best way to start is get a pre-qualification from a bank. They will take basic info from you and tellyou how much you would be able to get for a mortgage. That will pretty much tell you your price range.
i agree pre-qual is a good start, however keep in mind they will approve one for WAY MORE than one can typically 'afford'...
i would take a look at your cash flow and monthly expenses. what is your current rent? rent does not equal mortgage because taxes and maintenance (unforeseen/unknown is what hurts people the most in their pocket) need to be accounted for. monthly mortgage payments also fluctuate based on type of product and down payment amount.
