What can you comfortably afford?
Ask your lender who is servicing your loan and where to send your first mortgage payment.
Your debt-to-income ratio is your income less income tax, expenses and debt.
Your credit score and down payment savings are factors in qualifying for a home loan.
Besides your down payment, you need to budget for closing costs and money for reserves.
Calculate your debt-to-income ratio (DTI) and learn how to lower it.
Find the mortgage amount that realistically fits your budget.
Weigh the benefits of owning (e.g., tax breaks), with responsibilities like maintenance.
You can estimate your monthly mortgage payment if you have an idea of how much your new home will cost.