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Atlanta Real Estate Tips How To Buy A Home in metro Atlanta How much house can you afford? Most people have a general idea of how much they feel comfortable spending. It's equally important how much the lender calculates you can afford. Evaluate your financial situation as the lenders do. Typically, your total monthly housing costs includes your mortgage principle and interest payments, property taxes and hazard insurance (PITI) and should not exceed 28 percent of your gross monthly income. Lenders factor in sales price and down payment, but place more importance on how much you can handle monthly. Call on your Metro Brokers real estate agent for help during the prequalification process. Your mortgage power may surprise you. To calculate how much house you can afford at any given interest rate, visit the loan center of the Metro Brokers Financial web site. It is important that you obtain a mortgage pre-approval. This is an essential time-saver when you come upon the house you want to buy. Mortgage pre-approval is like securing a loan before you find a house, and it's real peace of mind to know exactly what you can afford.
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