8 Golden Rules Of Selling And Buying A New Home

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Rule #3 – Calculate Your Buying Power

8 Golden Rules Of Selling And Buying A New Home

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Your buying power is the size of the mortgage you get, relative to the amount of money you’ll put down on your next house. You can find your amount of cash by taking the value you have estimated your house to have and subtracting the expenses you’re likely to end up paying, such as the payoff on your mortgage, and corrective work that will need to be done, the commissions for real estate agents, and any property taxes you may owe.

If you don’t know those numbers, you’re going to need to before you can move any further. You’re also going to need to have a lender examine your creditworthiness, in order to find out the size of the mortgage you’ll be able to obtain. Bear in mind that a lender can only tell you how much money they’re willing to give you, not how much you will actually be able to afford.

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