Affordability

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How Much House Can I Afford?
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Questions to Ask Yourself

  1. Am I financially stable?
  2. Do I understand that a mortgage payment includes principal, interest, taxes, insurance and in some cases, mortgage insurance.
  3. Do I understand if I put less than 20% down that I may be required to pay mortgage insurance?
  4. What is the 43% rule? Do I meet the minimum debt to income ratio?
  5. How much of a payment can I afford?