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Step
2: Figuring Out What You Can Afford
Now that you know what you want, it's
time to see what you can afford. You
can start by crunching the numbers yourself
or by using one of my calculators.
When you're ready to move to the next
step, you can get pre-approved for a
mortgage. This process can often be
performed in under an hour and it accomplishes
two important goals. First, it will
tell you how much house you can afford
and what your monthly payments will
be. Second, it tells the seller that
you can afford to buy their home.
By definition, a pre-approved buyer
has an approved mortgage subject to
an appraisal of the property. Many times
a buyer can use this pre-approved status
as leverage during the negotiation process. |
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