How much home can I REALLY afford?
This is a great question! Many mortgage companies will try to tell you how much you can afford based on your current income and debt-to-income ratio. This is an okay start, but to REALLY understand what you can afford, it’s important to factor-in all the details of your spending habits (fitness costs, dining out expenses, gas, insurances, shopping, travel, pets, etc.) to gauge what you can afford and still achieve the lifestyle you’re comfortable with.
Get A Rate offers FREE tools to help you figure out your affordability. With that being said, a great tool to start with is our Affordability Calculator. This takes into consideration all your spending habits, bills, current debt plus your income. Once you get a pretty accurate estimate, you can then get the LEGITIMATE estimate from us in the form of a Pre-Approval Letter.
This letter will tell you how much qualify to borrow from us (the lender) based on what you can afford. NOTE: Once receiving a Pre-Approval from us, it’s important to stay consistent with spending habits and payment habits; Please refrain from taking out additional loans/credit cards, spending large amounts of money, missing payments on current debts, or going negative on your bank accounts.