How Much House Can I Afford?

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We get many questions about mortgages, whether for a new home purchase or refinance. One subject that can be confusing:

How Much House Can I Afford?

Determining Affordability

Buying a home, especially a first home, is very exciting. Separating the excitement and emotion from the numbers and financing is important. Obviously, the down payment and loan payment must be considered. However, there are other costs such as property taxes and insurance. 

A great way to understand how much you can afford is to apply for pre-approval. At Mars Bank we provide pre-approvals that may reduce the stress of affordability, and help you be an attractive buyer in a competitive situation. 

Consider talking to a banker who specializes in mortgage loans early in the process. At Mars Bank, we will be glad to begin the approval process and issue a letter of pre-approval. Then as you look for a home you will be confident about what you can afford. 

Loan Calculators

Not ready to start looking? If you are wondering about loan payments and other costs, consider using a loan calculator to get rough numbers worked out. You can use the calculators to determine a number of costs:

  • Determining a monthly payment
  • Comparing renting versus buying
  • Choosing between a 30 and 15 year mortgage

There are also calculators for refinancing and debt consolidation questions.

Knowledge is Power

By running numbers in a loan calculator, or better, receiving pre-approval from the Bank, you can more quickly respond when you find a home that fits your needs and lifestyle.

Mars Bank is your one true community bank, focused on helping you reach your financial goals. Read more articles and watch videos here in our Connections series. Or send a question via email

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