Make a choice about your budget

November 06, 2020 by Dan Green

Of all the things you buy in your life ever, you will likely never buy something more expensive than a house.

Homes are expensive.

This is why people borrow money to buy houses — they don’t have hundreds of thousands of dollars just sitting in the bank. They borrow money to buy the place.

When you borrow money to buy a house, the loan is called a mortgage.

As with car loans and student loans, mortgage loans come with monthly payments. Those monthly payments cannot be skipped.

Part of the process of buying a home is knowing the monthly maximum you’d be willing to pay. This figure becomes your answer to: “How much home can I afford?”

Don’t shop for homes by price range. Shop for homes by payment.

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