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Mortgage Affordability Analysis
Understanding the factors related to mortgage affordability helps you prepare for the home buying process. Determining how much you can pay on a mortgage is is one of the first steps you should take...
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Explain Refinancing
In 2007, the average single family home in America cost $266,200. According to the Census bureau, the median American income in 2007 was $50,233. Because the average home costs more than five years of...
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What If I Can't Afford My Mortgage Anymore?
Many homeowners are struggling to make their mortgage payments. Through no fault of their own, they've experienced difficulties over which they have not had control. Job loss, injury,...
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How Can I Calculate the Amount of Mortgage I Can Afford Based on My Income?
Taking the time to calculate how much home you can afford before starting house hunting can save time and energy. Mortgage brokers might promise large loans with reasonable terms, but potential...
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How to Afford a Mortgage
For many people, the American dream still entails owning a home. Most home buyers must take out a mortgage loan. The challenge, though, lies in determining how large of a mortgage loan you can afford....
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How Much Mortgage Is Too Much?
The American dream of homeownership usually comes with a monthly mortgage payment. Often home buyers are tempted to buy a home priced higher than they can comfortably afford. First-time home buyers are...
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How Much of Your Budget Should Your Mortgage Be?
Buying a home is the largest purchase most people will make in their lives--and for some people, it turns out to be too large to afford. If you want to make sure you're not taking out a bigger mortgage...
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How to Determine What Mortgage You Can Afford
Qualifying for a mortgage and buying a house generally require a good deal of preparation, even if you are in a reasonably sound financial situation. Unless you are incredibly wealthy with lots of cash...
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How to Calculate How Much You Can Afford for a Mortgage
Buying a home is one of the most important financial decisions most people make. A mortgage is a long-term commitment, so a mistake has the potential to haunt you a long time. With numerous exotic...
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How to Figure Out What Mortgage You Can Afford
Home ownership is associated with higher levels of happiness and satisfaction levels, according to a study by Robert D. Dietz, Department of Economics, Ohio State University, on The Social Consequences...
View ArticleHow Much Mortgage Can I Borrow Affordably?
The transition from living with Mom and Dad or renting to owning a home is one of life's major steps. Of course, you must consider how much money you make each month relative to your mortgage payment...
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What to Do if You Cannot Afford Your Mortgage Balloon Payment
The "balloon" part of a balloon mortgage refers to a final lump-sum payment. Balloon mortgages provide short-term mortgage financing at favorable rates but can cause problems when the balloon mortgage...
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How Much Mortgage Can I Afford if My Income Is $60,000?
The usual rule of thumb is that you can afford a mortgage two to 2.5 times your income. At $60,000, that's a $120,000 to $150,000 mortgage. You also have to be able to afford the monthly mortgage...
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What Happens if You Default on a Reaffirmation Agreement?
In Chapter 7 bankruptcy, you can wipe out most of your debts, including your mortgage. If you do that, though, your lender can still foreclose. In contract, a reaffirmation agreement with the bank is a...
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