How Much House Can You Truely Afford

| March 19, 2019

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If you are in the market for a new home and have been preapproved for a big, fat mortgage you may want to step back and calculate what you can actually afford to cover on a monthly basis. There can often be a disconnect between what a homebuyer is approved for by their mortgage lender and what they can truly afford. In many cases, homebuyers hope to see a big number on their mortgage pre-approval letter so they can purchase as much house as possible but in many cases the number you should actually focus on is the monthly payment to ensure you can really afford the house. Homeownership comes with a variety of monthly bills and while your mortgage payment is probably the biggest one, utilities, insurance and other expenses can quickly add up. Check Out Home Affordability Calculators. While there are thousands of mortgage calculators on the Internet, the majority of these simply calculate your monthly mortgage payment without really helping you determine exactly how much house you can actually afford. An affordability calculator will factor in a wider variety of information to determine what your true price range should actually be for the home to be truly affordable.

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QBE is one of the world’s leading insurers and reinsurers. We employ more than 14,500 people in 37 countries and have a presence in all of the key global insurance markets. We have been providing peace of mind to Australians and overseas clients for more than 128 years.

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