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How much house
can you afford? Almost every major real estate site
allows you to do some back of the envelope figuring with a mortgage calculator.
But be careful, not all mortgage calculators are created equal. They all
have the same basic functions: add your gross income, your debt payments,
how much you can put as a down payment, etc. to get your ideal price range
and mortgage. Most sites assume you will plunk down a third of your monthly
gross income as a mortgage payment. Where they sometimes fail is how much
debt they allow. Many lenders are more conservative than those theoretical
calculators (after all the lenders are going to lend you REAL money). So
be aware that while a site may say you can get X mortgage at X rate, a
real live lender may say that you have too much debt and can only get a
Y mortgage at Y rate. HomeAdvisor offers a low and a high-end range of
loan. Your safest bet is to go with the lower figure.
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