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I hear that question again and again. So many people want to have their own house, own place to come home to be with the family and children. In this short article I want to give you the basic calculation to know how much you can afford to pay for your new house once you decide to buy one.

To give you the shortest answer to that question: how much you can afford to pay for the new house really depends on a number of things, the most important of which is your gross household income - just how much you get for your job or all the income from your business, if you are a business owner. Then add to it your down payment to sign the papers for the new house and, of course, the mortgage interest rate.

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Making the decision to purchase a new home can be exciting and stressful. When looking at homes there can be quite a big difference in value and prices. When talking to an agent or looking for yourself you may not know how much you can afford. Take the stress of home buying away by getting pre-qualified for a home loan. This way you will know exactly the price range you can afford to look for.

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For millions of homeowners the dream of being mortgage free seems a long way off. With so many other living costs to meet making extra payments on your mortgage can be difficult. That said the benefits can be huge, paying an extra £100 per month off a £100,000 mortgage could help take 6 years of a 25 year mortgage and save you around £25,000 in interest repayments.

The main point to remember is that any over payments made on your mortgage go to immediately reducing your outstanding capital meaning your monthly interest payments are also reduced as you have less debt.

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Finding the best home for you and your family can be a challenge. One thing you can do that can help you choose a home is to know how much you can afford in a monthly basis. You can find out this information by going to a bank and seeing how much they a willing to lend you for a mortgage. It is recommended that if you do go to a bank to find this information out that you get a good faith estimate. A good faith estimate is the amount the bank assess the closing cost will come up to. A bank can offer you low interest rate but if the closing cost is too high you might not be able to afford the mortgage.

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Homeowners facing foreclosure in California have approximately 120 days from the Notice of Default (about 4 months) in order to resolve their outstanding mortgage debt. When a homeowner finds themselves in this situation, the most proactive step a homeowner can do is to act in a timely manner to get a realistic look at what their options may be. There are many choices that a homeowner can choose from in order to best reduce the overall loss during the stressful financial situation they may find themselves in; however, denial shouldn’t be one of them.

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