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How much can I spend on a house?

How do I figure out how much I can really spend on a house? I got pre-approved for an amount that seems like way too much money. I can put 20% towards a down payment. And I am afraid that if I spend the pre-approved amount that I won't be able to make my monthly payments. So, how do I figure out home much I can really spend on a house?
Asked By Emma | Boston, MA | 35 views | Buying | 1 week ago
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Semi-Pro
85 Answers
Julianne Clark / Your Lowcountry Compass

Charter One Realty

(47)

You need to contact a mortgage lender to answer these questions. They will ask you questions about your financial situation, employment, credit and income. Afterward -- you will have a better idea if and what you can afford. There is not fee for this service. If you do not want to talk to a person -- I would imagine there are some websites to help with determining preapproval amount and online lenders as a starting point. At some point you will need to make that phone call.
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Novice
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Rachel Warren

Remerica United Realty-Brighton

(44)

The best way to know is to talk to a local lender to help you determine the best purchase price for your budget, Since this is based on a number of factors, they are best equipped to assist you with this.

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