It's easy to get swept up in the excitement of potentially buying a home - but before you can even start your search, you first need to zero in on your homebuying budget.
, stocks, bonds and other investments will impact your loan, too. Having more of these liquid assets makes you less of a risk and could influence how much a lender is willing to loan you.Loan term: Longer-term loans come with smaller monthly payments because they spread the balance out over more time. For example, a $300,000 mortgage at today's average 30-year rate of 5.23% would cost around $1,487 per month for a 30-year loan.
Property taxes: It is common to have your property tax bundled with your monthly mortgage payment. Those payments typically go into an escrow account and are automatically released when the bill is due. Even if your property tax isn't bundled, it is still a new cost to account for on a monthly basis.If you don't qualify for the mortgage you need to buy your ideal home, there are ways to increase what you're eligibility.
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