This is commonly referred to as your PITI. It consists of your principal, interest, taxes, and insurance. ![]() Your monthly mortgage payment is more than what you owe your lender. One of the best ways to understand how much you can truly afford is to compare your potential monthly mortgage payment to your monthly budget. If you love travel, fine dining, spoiling your children (or cats), then you’ll need to factor that into your affordability. However, pre-approval is based on what your finances allow, and it doesn’t necessarily take into account how much your lifestyle will allow. Getting pre-approved for a mortgage is a great step in understanding how much home you can afford. ![]() ![]() Your monthly payments include insurance, taxes, fees, and moreīudgeting and practicing payments will set you up for success Borrowers are often pre-approved for more than they can afford
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