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What Can I Afford?
It helps to know how your new home will fit into your budget. There are two ways to find out:
- Use the Mortgage Calculator to get a rough estimate of what you can afford.
- For a more accurate estimate, Get Pre-approved for a loan with Hammersmith Financial.
I have found the right house, but I am not sure I can afford it.
- If credit is an issue, what can I do to improve my credit?
- What can I live with and what can I live without? (Needs v. Wants)
Should I wait and save Money?
Wait…No! Save…Sure! Saving money is always a good idea, but if you wait, you may miss out on great opportunities.
The problems with waiting to buy your dream home:
- Someone else will.
- It may not be offered anywhere else. Sometimes floor plans are community specific.
- Interest rates will increase.
- The overall market can change; the way lenders view loan criteria, what they will or will not accept, etc…
- If you continue to rent, you may never see that money again, while owning you own home is a solid investment.
I am ready for the next step, Getting pre-approved.
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