Mortgage Broker Company - How Much Can You Afford For A Mortgage? cont.
Now go to a mortgage calculator online. In the payment area put the figure you calculated. Put in a current fixed interest rate. If you are not putting 20 percent down add a 1/2 percent to the rate to calculate insurance.
Hit submit and you should have close to the maximum mortgage amount. Add your down payment and that is your maximum purchase price.
If the figure is less than you need there are programs lenders can help in qualifying for.
Sharon
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