are online mortgage calculators that tell you “how much can you afford” accurate?
November 24, 2007 · Print This Article
voteforME asked:
My monthly income is 5500 before taxes. I have no debt (i even own my car) and I have 20k to put down and it is telling me that I can only get a loan on 200k house????? I know a friend of mind who makes less than I do who got a loan for 300k just last year. What is the deal.
oh, and my credit score is 730
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My monthly income is 5500 before taxes. I have no debt (i even own my car) and I have 20k to put down and it is telling me that I can only get a loan on 200k house????? I know a friend of mind who makes less than I do who got a loan for 300k just last year. What is the deal.
oh, and my credit score is 730
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
no you can go to 350k if you want to but do you want to go that high. I always recommend that you buy less so you can have a life not just a mortgage
I am a mortgage banker in TN & KY
They are as “accurate” as the information you enter into them…
So did many others and thats why we see soooo many homes in foreclosure right now.
To be honest, if the calculator says you can afford 200k, in reality it’s probably 150k. They overinflate the numbers in the hopes that you’ll go in and try to get a loan.