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Real Estate
Reply to "How much house can we afford?"
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[quote=Anonymous]You may want to reach out to a bank and see what you are approved for instead of guessing. With the current housing environment, banks are no longer just handing out loans. You need to qualify and pretty much have excellent credit and paperwork to get the rates published. You can get preapproved but not act on it. It's better to know beforehand than fall in love with a house and find out the bank won't approve you for that amount. You would also want to keep your loan to value below 80% to avoid PMI plus it's standard now for 20 % to be required as a down payment in this environment. If you both work, you should also see if you can swing the mortgage on one salary (stay in that range). This way if something happened (divorce or loss of employment) you can still afford your mortgage payment. As others mentioned, it's expensive to live here especially once the kid's are in activities. [/quote]
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