What that means is that your search should start at $150,000 and go to about $210,000. Or to whatever amount you qualify for. Note the qualify. Before beginning a home search one should always visit and get to know a home loan person. Preferably with a well known lender--one that other lenders and companies will recognize. Are you with me, that part is important.
Once you have in hand that pre-approval letter, which these days may cost the amount of a credit pull, you are ready to GO! Call your Realtor (me, at 904-238-6559) and pull up your MLS Portal Account, then meet with me, and let's view some homes!
This is where money comes in: how much more does it cost, if you are approved at 210,000 to go to 220,000? At let's say 6% interest. $60.00 per month generally speaking, not always, but in general. And how much more house does it buy...it can buy quite a bit, and sometimes not so much.
So as you are searching please make sure you are within your mortgage comfort zone, but also note the changes in just a little higher and lower. They can make quite a difference in quality of life, without the impact in wallet.
Remember, talk to your mortgage broker-- they can best explain how a mortgage works and how to leverage your buying power!
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