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Finding a Lender

You can save yourself a lot of wheel-spinning if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly gross income (that’s your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you’ll be able to afford.

Many different kinds of mortgages are available to you. Read about them, and make sure you understand the pros and cons of each. HUD offers some special home buying programs. Also, many local governments offer special home buying programs to help low-income home buyers. Shop around - you may be surprised at all your options!

Your lender will require you to get an appraisal of the house you want to buy, to make sure it’s worth the money that you’re borrowing. You may select your own appraiser, or you may ask your real estate agent to help you take care of that.

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