How Much House Can You Actually Afford?

Getting approved for a certain purchase price does not necessarily mean you should spend that much. There is a difference between what you qualify for and what you can comfortably afford. In this video, I break down why buyers should think about the monthly payment first — not just the maximum purchase price on a preapproval letter. We cover: Why qualification and affordability are not the same thing Why two homes with the same price can have different payments Property taxes Homeowners insurance HOA dues Mortgage insurance Repairs and maintenance Why taxes and insurance can change Why shopping at the very top of your approval can create problems A better question than: “What is the most house I can qualify for?” may be: “What monthly payment am I actually comfortable with?” From there, you can work backward and build a price range that fits your life. The goal is not just to qualify for the house. The goal is to be comfortable owning it after you get the keys. In the next video, I’m breaking down some of the hidden costs buyers often forget to budget for when buying a home. William “Blake” Eager IV Senior Loan Officer | Legacy Mortgage NMLS #872138 (734) 752-7253 weager@legacy-mortgage.com Start here: https://myloan.legacy-mortgage.com/dr... Legacy Mortgage NMLS #1759275 Equal Housing Lender Information provided is for educational purposes only. Mortgage qualification, payment calculations, taxes, insurance, mortgage insurance, HOA dues, loan terms, and approval requirements may vary depending on the borrower, property, loan program, lender, and applicable guidelines. #HomeBuying #MortgageTips #HomeAffordability #FirstTimeHomeBuyer #TheEagerEdge