Great questions that, as consumers, are often on our minds. In order to answer these questions, we may need some assistance, and I came across a resourceful tool that will help us to be more informed of our current borrowing power.
The video below uses a free App that looks at income, down payment, monthly debt and interest rate to give us a picture of how much home we may be able to afford. It also looks at price, down payment, and interest rate to give us a snapshot of what our payment may be.
Kip and I are always looking for resources that help simplify, streamline and increase the chances of being successful. By design, we love to hear about new, outstanding, creative and just plan helpful tools and resources that are available. If you have any tools, tips, ideas, ect... that would be helpful for others, please feel free to share in comments below.
The App from the video is "Zillow" and we shared with you the Affordability Calculator and Payment Calculator. We realize that there are numerous other factors that come into play when considering finances and lending and therefore, we always recommend using a Professional to assist you with your financial decisions.
We wish you best and as always, Live Life by Design and On Your Own Terms!