How to figure out how much house you can afford

How to figure out how much house you can afford


Buying your first home is an exciting process, but it's not just about finding the features you want.
If you're like most people, price plays a major role in your decision. After all, even if you feel confident that you can afford a property, you'll still have to convince a lender.
All lenders have unique lending guidelines, but they usually include some of the same key benchmarks. Here are two metrics they'll use to decide how large a loan to issue you:


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Massive Dallas skyscraper with plans for $240M redo listed for foreclosure

The 52-story, 1.3 million-square-foot skyscraper at 1401 Elm St. has sat vacant for nearly seven years, yet it may sit vacant a bit longer as a Dallas developer hopes to bring in a new capital partner.

In the meantime, the lender has posted the downtown Dallas skyscraper for January's foreclosure auction, which doesn't mean it will necessarily sell at the Dallas County courthouse on Tuesday — but that puts plans for a $240 million redevelopment in jeopardy.

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Is a reverse mortgage right for you?

Is a reverse mortgage right for you?




If you’re a retiree, you have probably heard talk of reverse mortgages. What exactly are they? What are the pros and cons? Is a reverse mortgage a good idea for you personally?


Reverse mortgages are basically loans available to people over 62. Using your house as collateral, the lender gives you money to use during your retirement. The income usually is not taxable, and it generally won't affect your Social Security or Medicare benefits. There are no loan payments — since you're borrowing money against the equity in your house, you don't have to repay the loan as long as you own the house. You can choose to receive your money as a monthly income, or as a line of credit...


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Four mortgage secrets only mortgage lenders know

Four mortgage secrets only mortgage lenders know

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