I did a Google search on “how much can I borrow” and all I got were calculators so I can determine the mortgage or car payments.
This is good information but buying a house is not necessarily like being on a diet. Through the years I have seen a few people go on diets (myself included) and the lengths they will go to just to calculate caloric intake.
When these dieters hit the restaurant it is always how much can I eat and not max out my calories? The same approach occurs often when people go to buy a house with the attitude "what is the maximum limit I can buy!"
The appropriate approach should entail a couple of key issues.
- How much house (or car) do I need? and
- How much do I borrow to meet my needs?
Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.