Determining how much you can afford is an important factor of taking a loan out of any size, no matter what it’s for. When using the FHA calculator to determine what you can afford, you can enter the monthly payment that you would like to be at, interest rate and term, and you will be able to calculate the maximum monthly payment that you can afford. Keep in mind that while using this tool is beneficial, it doesn’t include any other fees that may be associated with your loan.
Last but not least, you can take advantage of my prequalification FHA calculator. You can use the prequalification calculator to get an idea of how much you can borrow. This is not the same as finding out what your maximum payment can be, and it isn’t the same as a preapproval. The prequalification gives you an estimate of how much you may be able to borrow. A preapproval, shows that you have been approved for a particular loan amount prior to selecting a property. Remember, when buying a home it is the first step before speaking with a realtor.
For more information on how you can start the process for applying for an FHA loan, and to find out what your options are when buying a home, you can visit www.fhaloansnow.net. It is never too late to learn.
-Mayer Dallal
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